Army - Navy Surplus began October 2018 with 100 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 317 stoves, and at October 31, the ending inventory consisted of 53 stoves. The sales price of each stove was $49. Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for October under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal pl 0 Number of units Requirements Average cost LIFO FIFO Cost of goods sold Ending inventory 5353 Requirement 2. Explain why cost of goods sold is highest under LIFO. Be specific Under LIFO the cost of goods sold is the highest because costs are rising and LIFO assigns the most recent units purchased to cost of goods sold. 1. Determine the cost of goods sold and ending inventory amounts for October 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 October. Report gross profit. Operating expenses totaled $2,750. The company uses average costing for inventory. The income tax rate is 36%. Print Print Done Done] Requirement 3. Prepare Army - Navy Surplus' income statement for October. Report gross profit. Operating expenses totaled $2,750. The company uses average costing for inventory. The income tax Army-Navy Surplus Income Statement Month Ended October 31, 2018 Sales revenue Cost of goods sold Gross profit Operating expenses Income before income taxes Income tax expense Data Table Net income October 6 110 stoves @ 120 stoves @ 40 stoves @ $20 = $25 = $30 = $ 2,200 3,000 1,200 Setup Your St Would you like cloud and local Don't ask m Print Done Choose from any list or enter any number in the innut fields and then continue to the next