med Forces Surplus began March 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) me company sold 295 stoves, and at March 31, the ending inventory consisted of 65 stoves. The sales price of each stove was $51. mad the requirements equirement 1. Determine the cost of goods sold and ending inventory amounts for March 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 doll Number of units Average cost most of goods sold mding inventory Data table March 6 March 18 March 26 100 stoves@ $13= $1,300 120 stoves@ $15 = 60 stoves@ $25 - 1,800 1,500 X

med Forces Surplus began March 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) me company sold 295 stoves, and at March 31, the ending inventory consisted of 65 stoves. The sales price of each stove was $51. mad the requirements equirement 1. Determine the cost of goods sold and ending inventory amounts for March 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 doll Number of units Average cost most of goods sold mding inventory Data table March 6 March 18 March 26 100 stoves@ $13= $1,300 120 stoves@ $15 = 60 stoves@ $25 - 1,800 1,500 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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