Armed Forces Surplus began May 2021 with 80 stoves that cost $15 each. During the month, the company made the following purchases at cost (Click the icon to view the purchases.) The company sold 280 stoves, and at May 31, the ending inventory consisted of 70 stoves. The sales price of each stove was $47 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 Number of units Cost of goods sold Ending inventory Data table Average cost May 6 100 stoves $20 $2,000 May 18 120 stoves $25 = 3,000 May 26 50 stoves $30- 1,500 Print Done Requirements 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 Armed Forces Surplus income statement for May. Report gross profit. Operating expenses totaled $3,000. The company uses average costing for inventory. The income tax rate is 32% Print Done Clear all Check answer