Fatigues Surplus began March $2024$ with $70$ stoves that cost $$10$ each. During the month, the company made the following purchases at cost: View the purchases.

The company sold $235$ stoves, and at March $31,$ the ending inventory consisted of $65$ stoves. The sales price of each stove was $$44.$

Read the requirements.

Requirement $1.$ Determine the cost of goods sold and ending inventory amounts for March under the average$-$cost$,$ FIFO $($First$-$in$,$ first out$),$ and LIFO $($Last$-$in$,$ last out$)$ costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar.

$\backslash$table$[[,$Number of units,Average cost,FIFO,LIFO$],[$Cost of goods sold,,$22\mathrm{.}98,,],[$Ending inventory,,$14944\mathrm{.}7,,]]$

Requirements

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.

Explain why cost of goods sold is highest under LIFO. Be specific.

Prepare the Fatigues Surplus income statement for March. Report gross

Purchases profit. Operating expenses totaled $$4,000.$ The company uses average costing for inventory. The income tax rate is $30\%.$

$\backslash$table$[[$March $6,80$ stoves @ $$15=$$$1,200$