Army - Navy Surplus began March 2018 with 80 stoves that cost $20 each. During the month, the company made the following purchases at cost: B (Click the icon to view the purchases.) The company sold 282 stoves, and at March 31, the ending inventory consisted of 68 stoves. The sales price of each stove was $51. 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 - X Requirements Data Table Cost of goods sold Ending inventory 1. Determine the cost of goods sold and ending inventory amounts for March March 6 100 stoves @ $25 $ 2,500 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 18 120 stoves @ $30 3,600 dollar. 26 50 stoves @ $35 1,750 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 $3,500. The company uses average costing for inventory. The income tax rate is 36%. Print Done Enter any number in the edit fields and then click Check Answ Print Done 4 parts remaining Check Answer O Type here to search C ENG 5:24 PM 5/26/2020 10