P6-71B. (Learning Objectives 2, 3: Computing inventory by three methodsperpetual system) SWAT Team Surplus began July with 69 tents that cost 24 each. During the month, SWAT Team Surplus made the following purchases at cost: Jul 4 19 25 108 tents @ 26 = 2,808 153 tents @ 28 4,284 38 tents @ 29 = 1,102 SWAT Team Surplus sold 316 tents, and at July 31 the ending inventory consists of 52 tents. The sale price of each tent was 55. Requirements 1. Determine the cost of goods sold and ending inventory amounts for July under the average cost, FIFO cost, and LIFO cost. Round average cost per unit four 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 a SWAT Team Surplus Income Statement for July. Report gross profit. Operating expenses totaled 3,500. SWAT Team Surplus uses average costing for inventory. The in- come tax rate is 32%