SWAT Surplus began March 2021 with 100 tents 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 318 tents, and at March 31, the ending inventory consisted of 52 tents. The sales price of each tent was $52. 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 Cost of goods sold Ending inventory Average cost FIFO 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 LIFO and LIFO assigns the to cost of goods sold Requirement 3. Prepare the SWAT Surplus income statement for March. Report gross profit. Operating expenses totaled $3,250. The company uses average costing for inventory. The income tax rate is 36% (Round income tax expense to the nearest whole dollar) SWAT Surplus Income Statement Month Ended March 31, 2021 SWAT Surplus began March 2021 with 100 tents 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 318 tents, and at March 31, the ending inventory consisted of 52 tents. The sales price of each tent was $52. Read the requirements Data table Mar 61 Mar 18 Mar 26 110 tents $20 - $2,200 120 tents @$25 = 40 tents @$30- 3,000 1,200 Print Done SWAT Surplus Income Statement Month Ended March 31, 2021 - X Requirements 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 SWAT Surplus income statement for March. Report gross profit Operating expenses totaled $3,250. The company uses average costing for inventory. The income tax rate is 36% Print Done - X cor