Ground-Navy Surplus Lid began May 2017 with 72 tents that cost $20 each. During the month. Ground-Navy Surplus made the following purchases at cost: Click the icon to view the purchases.) Ground-Navy Surplus sold 321 tents (151 tents on May 22 and 170 tents on May 30), and at May 31 the ending inventory consists of 55 tents. The sale price of each tent was 550 Requirements Requirement 1. Determine the cost of goods sold and ending inventory amounts for May under(a) weighted average cost and (b) FIFO cost. Round weighted average cost per unit to four decimal places and round all other amounts to the nearest dollar (Assume a perpetual inventory control system is used) Weighted Average Coast FO Ending w ay Cost of goods sold Requirement 2. Explain why cost of goods sold is highest under weighted average cost Be specifie (Assume a perpetual inventory control system is used Weighted average cost results in the highest cost of goods sold because (a) the cost oftentsis and (b) weighted average cost includes the cost of the When costs are rising these latest inventory costs are the highest and that makes cost of goods sold the under weighted average cost Ground Navy Surplus Lid began May 2017 with 72 tents that cost 520 each. During the month. Ground-Navy Surplus made the following purchases at cost Click the icon to view the purchases.) urplus sold 321 tents (151 tents on May 22 and 170 tents on May 30). and at May 31 the ending inventory consists of 55 tents. The sale price of each tent Purchases Requirement 1. Determine the cost of goods sold cost per unit to four decimal places and round all of bit and (b) FIFO cost Round weighted average trol system is used) Weighted WO 99 tents 164 tents 41 tonts 5 225 24 25 . 3 2.178 .936 1.025. Ending inventory Cost of goods sold Requirement 2. Explain why cost of goods sold is inventory control system is used Print | Done Weighted average costruits in the highest costo average cost includes the cost of the When costs are rising these latest inventory costs are the highest and that makes cost of goods sold the under weighted average cost Choose from any esto enter any number in the input fields and then continue to the next question und-Navy Surplus Ltd, began May 2017 with 72 tents that cost $20 each. During the month, Ground-Navy Surplus made the following (Click the icon to view the purchases.) wund-Navy Surplus sold 321 tents (151 tants on May 22 and 170 tents on May 30). and at May 31 the ending inventory consists of 55 ten $50 quirements Requirements eighted average cost results in the hi st inclus When co eighted average cost 1. Determine the cost of goods sold and ending inventory amounts for May he under (a) weighted average cost and (b) FIFO cost assuming the perpetual Requirement 3. Prepare Ground-Navy system is used. Round weighted average cost per unit to four decimal the weighted average costing for invent places, and round all other amounts to the nearest dollar 3.250 GA 2. Explain why cost of goods sold is highest under weighted average cost Be specific 3. Prepare Ground-Navy Surplus's income statement for May 2017. Report gross profit Operating expenses totalled $3,250. Ground-Navy Surplus uses the weighted average costing for inventory. The income tax rate is 329 Print Done Choose from any list of enter chases at cost: The sale price of each tent Accounts payable Grount Accounts receivable Advertising expense Grout Cost of goods sold was 5 Groot Incontre income taxes income tax expense Operating Choose from any lost or enter any number in the input toles and then continue to the next