Armed Forces Surplus began July 2018 with 80 stoves that cost $15 each. During the month, the company made the following purchases at cost: E: (Click the icon to view the purchases.) The company sold 288 stoves, and at July 31, the ending inventory consisted of 62 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 methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. Number of units Average cost Cost of goods sold Ending inventory ly under the average-cost, FIFO, and LIFO costing methods. Round the average i Requirements Data Table July 6 = $ 2,000 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 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% 100 stoves @ $20 120 stoves @ $25 18 3,000 26 50 stoves @ $30 1,500 Print Done Print Done