O Ground-Navy Surplus Lid began October 2020 with 74 tents that cost $19 each During the month, Ground-Navy Surplus made the following purchases at cost (Click the icon to view the purchases.) Ground Navy Surplus sold 336 tents (166 tents on October 22 and 170 tonts on October 30), and at October 31 the ending Inventory consists of 46 tonts. The sale price of each tent was 555 Requirements FIFO amounts to the nearest dollar (Assume a perpetual inventory control system is used.) Requirement 1. Determine the cost of goods sold and ending Inventory amounts for October under () weighted-average cost and (b) FIFO cost. Round welghted average cost per unit to four decimal places and round all other Weighted Average Cost 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.) Weighted average cost results in the highest cost of goods sold because (a) the cost of tents is 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 Requirement 3. Prepare Ground-Navy Surplus's Income statement for October 2020. Report gross profit. Operating expenses totalled $4,000 Ground-Navy Surplus uses the weighted average costing for inventory The Income tax rate is 40% (Round income tax expense to the nearest whole dollar.) Choose from any list or enter any number in the input fields and then continue to the next question ? tents on October 30), and at October 31 the ending inventory consists of 46 tents. The sale price d weighted avera y amounts ol system i Purchases October 4 = $ 2,163 19 103 tents @ $ 21 161 tents @ 23 44 tents @ 24 3,703 25 1,056 is used.) ghted averag Print Done use (a) the a st of the e for October 2020 Report gross profit Operating expenses totalled $4,000. Ground-Navy Surplus use e dollar) - X i Requirements Javerage cost per ti 1. Determine the cost of goods sold and ending inventory amounts for October 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 2. Explain why cost of goods sold is highest under weighted average cost. Be specific 3. Prepare Ground-Navy Surplus's income statement for October 2020. Report gross profit. Operating expenses totalled $4,000. Ground-Navy Surplus uses the weighted average costing for inventory. The income tax rate is 40% eig ca the Print Done us uses the weigh att le dollar.)