Navy Surplus began July 2018 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost TE (Click the icon to view the purchases) The company said 250 stoves, and at July 31, the ending inventory consisted of 50 stoves. The sales price of each stoves 352 Read the etements Requirement 1. Determine the cost of goods sold and ending inventory amounts for Jity under the average cost FIFO, and LIFO costing methods. Round the average cost per unit to t Cost of goods sold Ending inventory Number of units Average cost Requirements 1. Determine the cost of goods soid and ending inventory amounts for July under the average cost, FIFO, and LIFO costing methods Round the average cost perunt to two decimal places, and round all other amounts to the nearest dolac 2. Explain why cost of goods sold is highest under LIFO. Be specific 3. Prepare the Navy Surplus income statement for July. Report gross prof Operating expenses totaled $3,250 The company uses average costing for inventory. The income tax rate is 40% Print Done Demodocs example Video Get more help- Data table July decimal places and round all other amour to the 00120-1300 100- 20 30 vs $30- 2.500 300 Print Done Clear all Check answer