This Test: 55 pts possib Team-Nowy Surplus Ltd. began October 2020 with 71 tents that cost $24 each. During the month Team Nawy Surplus made the following purchases at cost (Click the icon to view the purchases.) Team-Navy Surplus sold 324 tents ( 154 tonts on October 22 and 170 torts on October 30) and at October 31 the ending into consists et 46 mees The sale price of each tent was $55 Resuitements Requirement 1. Determine the cost of goods sold and ending investory amounts for October under a weighted average cost and (b) FF cost Pound wegrited 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 D Requirement 2. Explain why cost of goods sold is highest under wedere coste spatic (Assume a perpetual inventory control system is used) pl Weighted average costrests in the highest cost of goods sold because the cost oftentsis and by wired avtage cost includes the cost of the 2 When costs are nsing these stestitory costs are the tips on that make cost of goods sold me V underwatedava cost 3 Requirement 3. Prepare Team.nes Surplusy income stonement for October 2020 Report grosspect Opereageerde totale $3.750 Team-my Suplesse weighted average costing for invertory The contes 32 (Round income tax expense to the nearest whole dollar) 650 Team Navy Surplus Ltd cun dir Choose from any list or enter anty number in the input fields and then continue to the nood question 1C SU ote o DELL 5w Toam-Navy Surplus Ltd began October 2020 with 71 tents that cost $24 each. During the month, Team-Navy Suplus made the following purchases cost 11 (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 safe cofood tent was $55 TE Recurements 19 When costs are rising these latest inventory costs are the highest and that makes cost of goods sold the under weighted averas cost Requirement 3. Prepare Team New Surplus's income statement for October 2020 Report gross profit Operating expenses totale $3.750 Toom Navy Supus uses the weighted average costing for inventory. The income tax rate is 32% (Round income tax expense to the nearest whole dollar) Team Navy Surplus Ltd income Statement For the Month Endod October 21 2020 1.21 Gain equip Jan 2 Cash July 3 Its 65 Accu Buildi Choose from any list or enter any number in the input fields and then continue to the neid question 3 Cash Note 18C Sumy DOLL