Requirements 1. Determine the cost of goods sold and ending inventory amounts for July 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 July. Report gross profit. Operating expenses totaled $3,500. The company uses average costing for inventory. The income tax rate is 32%. Print Done Requirements 1. Determine the cost of goods sold and ending inventory amounts for July 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 July. Report gross profit. Operating expenses totaled $3,500. The company uses average costing for inventory. The income tax rate is 32%. Data table July 6 110 stoves @ $20 = $ 2,200 July 18 120 stoves @ $25 3,000 July 26 40 stoves @ $30 = 1,200 Print Done - X