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Camo Surplus began May 2016 with 100 tents that cost $15 each. During the month, Camo Surplus made the following purchases at cost (Click the icon to view the purchases.) Camo Surplus sold 335 tents, and at May 31, the ending inventory consists of 65 tents. The sale price of each tent was $46. Requirements 1. Determine the cost of goods sold and ending inventory amounts for May under the average cost, FIFO May 6 18 26 120 tents $25 3,000 130 tents $30 3,900 50 tents $32 - 1.600 Requirement1. Determine the cost of goods sold and ending inventory amounts for May under the average cost, FIFO cost, and LIFO cost. Round average cost per unit to two decimal places, and round all other amounts to the nearest dollar Number of units Average cost FIFO LIFO Cost of goods sold Ending inventory Requirement 2. Explain why cost of goods sold is highest under LIFO. Be specific Under LIFO the cost of goods sold is the highest because costs are | and LIFO assigns the Vto cost of goods sold Requirement 3. Prepare Camo Surplus' income statement for May. Report gross profit. Operating expenses totaled $4,500. Camo Surplus uses the average costing for inventory. The income tax rate is 32%. (Round income tax expense to the nearest whole dollar.) Camo Surplus Income Statement Month Ended May 31, 2016

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