SWAT Team Surplus began May 2021 with 100 stoves that cost S10 sach. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 320 stoves, and at May 31, the ending inventory consisted of 60 stoves. The sales price of each stove was $46. Read the requirements Requirement 1. Determine the cost of goods sold and ending inventory amounts for May 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. Nurnber of units Average cost Cost of goods sold Ending inventory X Data Table May 6 May 16 May 26 120 stoves $18 - S 2,160 130 sloves $25 3,250 30 stoves $27 810 Requirements Print Done 1. Determine the cost of goods sold and ending Inventory amounts for May 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 May. Report gross profit. Operating expenses totaled $5,000. The company uses average costing for inventory. The income tax rate is 32%. Print Done