Navy Seals 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 240 stoves, and at March 31, the ending inventory consisted of 60 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 1 Cost of goods sold Ending inventory Requirements - X A Data Table - X March 6 $ 90 stoves @ 100 stoves @ 30 stoves @ 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 Navy Seals Surplus income statement for March. Report gross profit. Operating expenses totaled $5,200. The company uses average costing for inventory. The income tax rate is 36%. $20 = $25 = $30 = 1,800 2,500 900 Print Done Print Done