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p6 71B (Learning Objective 2, 3: Computing inventory by three methods-perpetual system) SWAT Team Surplus...

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p6 71B (Learning Objective 2, 3: Computing inventory by three methods-perpetual system) SWAT Team Surplus began July with 66 tents that cost 23 each. During the month, SWAT Team Surplus made the following purchases at cost Jul 4 105 tents @ 25 2,625 19 157 tents @ 27 4,239 25 37 tents @ 28 1,036 SWAT Team Surplus sold 310 tents, and at July 31 the ending inventory consists of 55 tents. The sale price of each tent was 53. Requirements 1. Determine the cost of goods sold and ending inventory amounts for July under the aver- age cost, FIFO and round all other amounts to the nearest dollar cost, and LIFO cost. Round average cost per unit four decimal places, plain why cost of goods sold is highest under LIFO. Be specific. par 2. Ex Frepare SWAT Team Surplus income statement for July. Report gross profit. Operating expenses totaled 3,000. SWAT Team Surplus uses average costing for inventory. The ting methads- income tax rate is 32%

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