Armed Forces Surplus began March 2018 with 90 stoves that cost $20 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 332 stoves, and at March 31 , the ending inventory consisted of 68 stoves. The sales price of each stove was $55. Read the 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. 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 Armed Forces 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 36%. (Round income tax expense to the nearest whole dollar.) Armed Forces Surplus Income Statement Month Ended March 31, 2018 Data table 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 Armed Forces 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 36%