Camo 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 230 stoves, and at May 31, the ending inventory consisted of 70 stoves. The sales price of each stove was $48. 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 Cost of goods sold Ending inventory Data table Average cost May 6 May 18 90 stoves 100 stoves May 20 30 stoves $20- $25- $30 - $ 1,800 2.500 000 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 Camo Surplus income statement for May. Report gross proft Operating expenses totaled $4,000. The company uses average costing for inventory. The income tax rate is 32% Print Done X