SWAT Team Surplus began March 2018 with 100 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 333 stoves, and at March 31 , the ending inventory consisted of 47 stoves. The sales price of each stove was $51. 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. 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 Team Surplus income statement for March. Report gross profit. Operating expenses totaled $3,500. The company uses average costing for inventory. The income tax rate is 30%. \begin{tabular}{rrrrr} \hline March 6 & 120 stoves@ & $18= & $2,160 \\ 18 & 130 stoves @ & $25= & 3,250 \\ 26 & 30 stoves@ & $27= & 810 \\ \hline \end{tabular}