Ground-Navy Surplus Lid began Odober 2020 with 74 tents that cost 519 each During the month, Ground-Navy Surphes made the following purchases al cost (Click the icon to view the purchases) Ground-Navy Surplus sold 336 tonts (166 tents on October 22 and 170 fonts on Odober 30), and at October 31 the ending inventory consists of 40 tents. The sale price of each lent was 555 Requrements Requirements Requirement 1. Determine 1 (Assume a perpetual Invent oslond (b) FIFO cost. Round weighted average cost per unit to our decimal places and round all other amounts to the nearest dla dolar 1. Datormine the cost of goods sold and ending inventory mounts for Octobor Purchases under (a) weighlod-average cost and (b) FIFO cost assuming the perpetual system is used Round weighted average cost per unit to four decimal Ending inventory placus, and round all other mounts to the norost dollar 2 Explain why cost of goods sold is highest under weighted average cost Bo October 4 Cost of goods sold 103 tonts 5 21 = 5 2 163 spoon 10 161 tonis 23 3.703 2. Prepare Ground-Navy Surplus's income statement for October 2020 Report Requirement 2. Explain why lined gross profil Operating exponses total od $4,000 Ground Navy Surplus usos 25 44 onts24 1 056 Weighted average cost rosu the weighted average costing for inventory The income tax rate is 10% osts using those intestinventory costs are the ghost highest and that makes cost of good Print Done Print Done Requirement 3. Prepare Gro sostomo STUU USPONSVE Suprus Us To WeTVS sing for inventory. The income tax ralis 40% (Round income tax expense to the 4 vom Ground-Navy Surplus Ltd Income Statement For the Month Ended October 31, 2020 Choose from any list or enter any number in the input fields and then continue to the next