Army-Navy surplus Ltd. began March 2014 with 70 tents that cost $20 each. During the month, Army-Navy surplus made the following purchases at cost: Army-navy surplus sold 320 tents (150 tents on March 22 and 170 tents on March 30), and at March 31 the ending inventory consists of 50 tents. The sale price of each tent was $145. Determine the cost of goods sold and end story amount for march under weighted-average cost and FIFO cost assuming the perpetual system is used R and weighted-average cost per unit to four decimal places, and round all other amounts to the nearest dollar. Explain why cost of goods sold is lightest under weighted-average cost be specific. Prepare Army-Navy surplus's income statement for March 2014. Report gross profit. Operating expenses totaled $4,000. Army-Navy Syplus uses weighted average costing for inventory. The income tax rate is 21%