Armed Forces Surplus began May 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 295 stoves, and at May 31, the ending inventory consisted of 65 stoves. The sales price of each stove was $46. Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for May 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 295 5400 Ending inventory 65 1996 Data table May 61 100 stoves @$13 $1,300 May 10 May 26 120 stoves $15- 1,800 60 stoves $25- 1,500 Print Done Requirements 1. Determine the cost of goods sold and ending inventory amounts for May 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 May, Report gross profit Operating expenses totaled $5,000. The company uses average costing for inventory. The income tax rate is 40% Print Done X