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Requirements 1. Determine the cost of goods sold and ending inventory amounts for May under...

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Accounting

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Requirements 1. Determine the cost of goods sold and ending inventory amounts for May under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the Military Surplus income statement for May. Report gross profit. Operating expenses totaled $5,000. The company uses average costing for inventory. The income tax rate is 40%. Military Surplus began May 2021 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 245 stoves, and at May 31 , the ending inventory consisted of 55 stoves. The sales price of each stove was $55. Data table

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