Army - Navy Surplus began March 2018 with 70 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 238 stoves, and at March 31, the ending inventory consisted of 62 stoves. The sales price of each stove was $45. Read the requirements. Requirement 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. Number of units Average cost FIFO Cost of goods sold 238 $ Ending inventory 62 $ 4,284 1,116 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 LIFO. Be specific. 3. Prepare the Army - Navy Surplus income statement for March. Report gross profit. Operating expenses totaled $4,000. The company uses average costing for inventory. The income tax rate is 40%. Print Done Data table March 6 80 stoves @ $15 = $ 1,200 18 100 stoves @ $20 = 2,000 26 50 stoves @ $30 = 1,500 Print Done