Air Force Surplus began July 2021 with 60 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 247 stoves, and at July 31, the ending inventory consisted of 53 stoves. The sales price of each stove was $51. 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 methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. Number of units Cost of goods sold 247 $ Average cost 4,693 FIFO Ending inventory 53 $ 1,007 Data table July 6 90 stoves July 18 July 26 100 stoves @ 50 stoves @ $20 = $22 = $22 = $ 1,800 2,200 1,100 Print Done - 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 $4,500. The company uses average costing for inventory. The income tax rate is 32%. Print Done