Armed Forces Surplus began March 2021 with 80 stoves that cost $20 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold Read the requiren Requirement 1.D two decimal place: Cost of goods sold Ending inventory was $50. Requirements 1. Determine the cost of goods sold and ending inventory amounts for March 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 Litit. Be specific. 3. Prepare the Armed Forces Surplus income statement for March. Report gross profit. Operating expenses totaled $3,500. The company uses average costing for inventory. The income tax rate is 32%. and LIFO costing methods. Round the average Armed Forces Surplus began March 2021 with 80 stoves that cost $20 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold Read the requiren Requirement 1.D two decimal place: Cost of goods sold Ending inventory was $50. Requirements 1. Determine the cost of goods sold and ending inventory amounts for March 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 Litit. Be specific. 3. Prepare the Armed Forces Surplus income statement for March. Report gross profit. Operating expenses totaled $3,500. The company uses average costing for inventory. The income tax rate is 32%. and LIFO costing methods. Round the average