Fatigues Surplus began October 2018 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 240 stoves, and at October 31, the ending inventory consisted of 60 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 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. Number of units Cost of goods sold Ending inventory Data Table Average cost October 6 80 stoves @ $15 = 18 100 stoves @ $24 = $ 1,200 2,400 26 50 stoves @ $28 = 1,400 Print Done Requirements - 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 Fatigues Surplus income statement for October. Report gross profit. Operating expenses totaled $4,500. The company uses average costing for inventory. The income tax rate is 30%. Print Done