Fatigues Surplus began May 2021 with 70 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 246 stoves, and at May 31, the ending inventory consisted of 54 stoves. The sales price of each stove was $45. 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. Cost of goods sold Ending inventory Number of units 246 $ 54 $ Average cost 4,674 1,026 FIFO Data table. May 6 May 18 80 stoves $15- $ 1,200 100 stoves $24- 2,400 May 201 50 stoves @ $28 = 1,400 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 Fatigues Surplus income statement for May. Report gross profit. Operating expenses totaled $4,750. The company uses average costing for inventory. The income tax rate is 32%.