Air Force Surplus began July 2018 with 100 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 300 stoves, and at July 31 , the ending inventory consisted of 70 stoves. The sales price of each stove was $48. Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for July under the average-cost, FIFO, and LIFO costing met two decimal places, and round all other amounts to the nearest dollar. Requirements 1. 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 nearest dollar. 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the Air Force Surplus income statement for July. Report gross profit. Operating expenses totaled $4,250. The company uses average costing for inventory. The income tax rate is 32%. Data table