this is actual homeowrk problems in finance , i need the work to be done on the actual site.SWAT Team SurplusSWAT Team Surplus began JulyJuly 20162016 with 8080 tents that cost $2020 each. During the month, SWAT Team SurplusSWAT Team Surplus made the following purchases at cost:
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SWAT Team SurplusSWAT Team Surplus sold 280280 tents, and at JulyJuly 31, the ending inventory consists of 7070 tents. The sale price of each tent was $ 52$52.
Requirements
1.
Determine the cost of goods sold and ending inventory amounts for JulyJuly 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.
2.
Explain why cost of goods sold is highest under LIFO. Be specific.
3.
Prepare the SWAT Team SurplusSWAT Team Surplus income statement for JulyJuly. Report gross profit. Operating expenses totaled $ 5 comma 200$5,200. SWAT Team SurplusSWAT Team Surplus uses average costing for inventory. The income tax rate is 3232 %.
