Ground-Navy Surplus Ltd began May 2020 with 72 tents that cost $18 each. During the month, Ground-Navy Surplus made the following purchases at cost: (Click the icon to view the purchases.) Ground-Navy Surplus sold 318 tents (148 tents on May 22 and 170 tents on May 30), and at May 31 the ending inventory consists of 48 tents. The sale price of each tent was $49. Requirement 1. Determine the cost of goods sold and ending inventory amounts for under (a) weighted average cost and (b) FIFO cost assuming the perpetual system is used. Round weighted average cost per unit to four decimal places, and round all other amounts to the nearest dollar Requirement 2 Explain why cost of goods sold is highest under weighted average cost Be specific. 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 Cost FIFO Ending inventory Cost of goods sold Requirement 2. Explain why cost of goods sold is highest under weighted average cost Be specific. (Assume a perpetual inventory control system is used.) When costs are rising, these latest inventory costs are the highest and and (b) weighted average cost includes the cost of the Weighted average cost results in the highest cost of goods sold because (a) the cost of tents is that makes cost of goods sold the under weighted average cost. -30), and at May 31 the ending inventory consists of 48 tents. The sale price of each tent was $49. sighted average cost and (b) FIFO cost assuming the perpetual system is used. Round weighted average cost pe fic. 1 Purchases . = for May under e cost per unit to four decim May 4 96 tents @ $ 20 = $ 1,920 3,476 19 158 tents @ 22 25 40 tents @ 23 11 920 Print Done ge cost Be spe cost of tents is and (b) weighted average cost includes the cost of the Wh Found-Navy Surplus sold 318 tents (148 tents on May 22 equirement 1. termine the cost of goods sold and ending inventory amounts for under (a) weighted average cost and (b) FIFO cost assumin arest dollar quirement 2. lain why cost of goods sold is highest under weighted average cost Be specific quirement 1. Determine the cost of goods sold and ending inventory amounts for May under (a) weighted average cost and sume a perpetual inventory control system is used.) Weighted Average Cost FIFO iling inventory of goods sold uirement 2. Explain why cost of goods sold is highest under weighted average cost. Be specific (Assume a perpetual Ehted average cost results in the highest cost of goods sold because (a) the cost of tents is and (b) weighted av makes cost of goods sold the under weighted average cost falling rising static any number in the edit fields and then continue to the next question. ntrol system is used.) cludes the cost of the When costs are rising, these latest inventory purchases. oldest units purchased. weighted average unit cost. equirement 1. Determine the cost of goods sold and ending inventory amounts for Assume a perpetual inventory control system is used.) Weighted- Average Cost FIFO Ending inventory Cost of goods sold Requirement 2. Explain why cost of goods sold is highest under weighted average c Weighted average cost results in the highest cost of goods sold because (a) the cost that makes cost of goods sold the under weighted average cost. highest lowest Enter any number in the edit fields and then continue to the next