Camp Surplus began March 2018 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 251 stoves, and at March 31, the ending inventory consisted of 49 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 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 LIFO Cost of goods sold Ending inventory 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 and LIFO assigns the V to cost of goods sold. Requirement 3. Prepare Camp Surplus' income statement for March. Report gross profit. Operating expenses totaled $5,000. The company uses average costing for inventory. The income tax rate is 30%. (Round income tax expense to the nearest whole dollar.) Camp Surplus Income Statement Month Ended March 31, 2018 - X Requirements Net income Data table 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 Camp Surplus income statement for March. Report gross profit. Operating expenses totaled $5,000. The company uses average costing for inventory. The income tax rate is 30%. March 6 90 stoves @ $20 = $ 1,800 18 100 stoves @ $25 2,500 26 30 stoves a $30 900 Print Done Print Done