Requirements Data Table March 6 = $ 1,800 18 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 $3,750. The company uses average costing for inventory. The income tax rate is 30%. 90 stoves @ $20 120 stoves @ $24 = 30 stoves @ $28 2.880 26 840 Print Done Print Done Navy Seals Surplus began March 2018 with 80 stoves that cost $15 each. During the month, the company made the following purchases at cost: 5 Click the icon to view the purchases.) The company sold 266 stoves, and at March 31, the ending inventory consisted of 54 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 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. Average cost FIFO LIFO Number of units 266 Cost of goods sold Ending inventory 54 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 to cost of goods sold. Requirement 3. Prepare Navy Seals Surplus' income statement for March. Report gross profit. Operating expenses totaled $3,750. The company uses average costing for inventory. The income tax rate is 30% (Round income tax expense to the nearest whole dollar.) Navy Seals Surplus Income Statement Month Ended March 31, 2018 Net income