Number Division Theory

I have a JavaScript function that takes in a user number (total amount placed on a betting table in denominations of 50) and returns an Array of the optimum chips (lowest # required) to form each stack.

My function works, the correct array for each value tested is output - but since this should be running on the client browser with a fast response time for smooth UI I feel like the code is not optimised.

Is there a better, more efficient (+ mathematically solid) way of computing the same output?

Any suggestions would be appreciated.

//number will be validated before running through function to make sure it has a factor of 50.

function chipStack(number) { 
    var k = 0; //1k chip
    var f = 0; //500 chip
    var t = 0; //300 chip
    var o = 0; //100 chip
    var fi = 0; // 50 chip

    k = Math.floor(number / 1000);
    var number2 = number % 1000

    if (number2 === 0) {
        return [k, f, t, o, fi];
    } else {
        f = Math.floor(number2 / 500)
        var number3 = number2 % 500
    }

    if (number3 === 0) {
        return [k, f, t, o, fi];
    } else {
        t = Math.floor(number3 / 300)
        var number4 = number3 % 300
    }

    if (number4 === 0) {
        return [k, f, t, o, fi];
    } else {
        o = Math.floor(number4 / 100)
        var number5 = number4 % 100
    }

    if (number5 === 0) {
        return [k, f, t, o, fi];
    } else {
        fi = Math.floor(number5 / 50)
        var number6 = number5 % 50
    }

    if (number6 === 0) {
        return [k, f, t, o, fi];
    } else {
        return "Something isn't right " + number6;
    }
}

You could compress the code as follows. It doesn't check for early exit conditions, but since it's running on the front-end anyway, i.e. not at high volumes, the performance won't be noticeably degraded.

function chipStack(n){
    var chipValues = [1000,500,300,100,50];
    var stack = [];
    chipValues.forEach(function(e,i){
        stack.push(Math.floor(n / e));
        n -= (stack[stack.length-1] * e);
    })
    return stack;
}

StackExchange Code Review Q#44906, answer score: 2