Army-navy surplus began march with 70 tents that cost, Ask an Expert

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Army-Navy Surplus began March with 70 tents that cost $20each. During the month, Amy-Navy Surplus made the following purchases at cost:

March4 100 tents @ $22 = $2,200

19 160 " @ 24 = 3,840

25 40" @ 25 = 1,000

Army-Navy Surplus sold 320 tents, and at March 31 the ending inventory consists of 50 tents. The sale price of each tent was $45.

Ques.: Prepare Army-Navy Surplus's income statement for March. Report gross profit. Operating expenses totaled, $4,000. Army-Navy uses avg. costing for inventory. The income tax rate is 40%.

Additional Info.: the total i got for the avg cost before the Inc. Stmt. was $7,299, FIFO cost was $7,200, and LIFO cost was $7,400.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797637

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