Team-Navy Surplus Ltd. began October 2020 with 71 tents that cost $24 each During the month, Team-Navy Surplus made the following purchases at cost BRE (Click the icon to view the purchases.) Team-Navy Surplus sold 324 tents (154 tents on October 22 and 170 tents on October 30), and at October 31 the ending inventory consists of 46 tents. The sale price of each tent was $55 Requements Requirements @ Purchases P.) October 97 tents @ $ 26 = $ 2.522 19 164 tents @ 28 4,592 25 38 tents @ 29 1,102 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 Team-Navy Surplus's income statement for October 2020. Report gross profit Operating expenses totalled $3,750. Team-Navy Surplus uses the weighted average costing for inventory. The income tax rate is 32% Print Done hestanturut mares CUST UT goous SUIC e TUNTUUT Print Done gross profit Operating expenses totalled $3,750. Team-Navy Surplus he tax expense to the nearest whole dollar.) Team Navy Surplus Ltd. number in the in fields and then continue to the next