Armed Forces Surplus began July 2021 with 80 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 292 stoves, and at July 31, the ending inventory consisted of 68 stoves. The sales price of each stove was $44. 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 FIFO Cost of goods sold 292 $ 4,380 3900 Ending inventory $ 1,020 150 Data Table July 6 100 stoves @ $13 $ 1,300 July 18 120 stoves @ $15 = 1,800 July 26 60 stoves @ $25 1,500 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 Armed Forces Surplus income statement for July. Report gross profit. Operating expenses totaled $4,000. The company uses average costing for inventory. The income tax rate is 40%. Print Done