0 Arried Forces Surplus began July 2018 with 80 stoves that cost $15 sach. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 298 stoves, and at July 31, the ending inventory consisted of 54 stoves. The sales price of each stove was $47. Read the requirements. Requirement nearest dollar. Determine the cost of goods sold and ending inventory amounts for July 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 Number of units Average cost FIFO LIFO Cost of goods sold Ending inventory Requirement 2. Explain why cost of goods sold is highest under LIFO. Be specific. Under LIFO the cost of goods sold is the highest because costs are and LIFO assigns the to cost of goods sold. Requirement 3. Prepare Armed Forces Surplus' income statement for July, Report gross profit. Operating expenses totaled $4,750. The company uses average costing for inventory. The income tax rate is 32%. (Round income tax expense to the nearest whole dollar.) i Data Table Armed Forces Surplus Income Statement Month Ended July 31, 2018 July 6 100 stoves @ 120 stoves 50 stoves $20 = $ 2.000 $25 3,000 18 26 $30 = 1.500 Choose from any list or enter any number in the input fields and then continue to the next question. Print Done