Air Force Surplus began Olow 2018 win to loves that cout $15 each. During the month. The company made the following purchases at cost Click the li to purchases) The company sold 2017 stoves, and of October 31, the ending inventory comised of 53 moves. The same price of each slove was $86. Read the requirements 344 ine Requirement1 Daten in De cost of goods solid and ending inventory amounts for October under the com PFO, and Lifo conting method. Round the average cont per un to two decimal places, and amounts to the nearest ion LIFO Number of units Average cost FIFO Cost of goods sol Ending intory 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 UFO as the to cost of goods sold Requirements. Prepare Air Force Surplus income statement for October, Report gross proft. Operating expenses totale 55,200. The company average costing for inventory Income tax per quels so of Income before income tax Round income tax expense to the nearest whole dollar) Ar Surplus Income Statement as R mir YE mu ST ith Month Ended October 31, 2018 IM Under LIFO the cost of goods sold is the highest because costs are and LIFO is the to cost of goods sold Requirements. Prepare Air Force Surplus income statement for October Report gross proft. Operating expenses totaled 5.200. The company es average costing for inventory. Inco e quais 30 of income before income. (Round income tax expense to the whole dolar) Air Force Surplus Income Statement Month Ended October 31, 2018 Not income i Data Table se statement for Octo x expense to the ne uses average costing for inven October 6 $ 2,000 100 stoves @ $20 = 120 stoves @ $25 = 18 3,000 26 50 stoves @ $30 = 1,500 Print Done