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Air Force Surplus began October 2021 with 80 stoves that cost $10 each. During the month, the company made the following purchase (Click the icon to view the purchases.) The company sold 298 stoves, and at October 31, the ending inventory consisted of 62 stoves. The sales price of each stove was $53. Read the requirements Requirement 1. Determine the cost of goods sold and ending inventory amounts for October under the average-cost, FIFO, and LIFO 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 Requirement 3. Prepare the Air Force Surplus income statement for October. Report gross profit. Operating expenses totaled $3,000 and do not abbreviate. Round income tax expense to the nearest whole dollar.) Alr Force Surplus Income Statement Month Ended October 31, 2021 to c Income before income taxes Net income y made the following purchases at cost: Sprice of each stove was $53. average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the to cost of goods sold ating expenses totaled $3,000. The company uses average costing for inventory. The income tax rate is 32%(Check your spelling careful - X Data Table $ 1,300 October 6 October 18 October 26 100 stoves @ $13 = 120 stoves $15 = 60 stoves @ $25 1,800 1,500 Print Done