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HHLIN item is relevant to your decisiol. 00 intory by une month, Army-Navy Surplus made...

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Accounting

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HHLIN item is relevant to your decisiol. 00 intory by une month, Army-Navy Surplus made the following purchases at cost: 100 tents @ $22 = $2,200 stem ement March 4 160 tents @ 24 = 3,840 19 40 tents @ 25 = 1,000 25 Art-Xavy Surplus sold 320 tents (150 tents on March 22 and 170 tents on week 30). and at March 31 the ending inventory consists of 50 tents. The sale price of each tent was $45. Requirements 1. Determine the cost of goods sold and ending inventory amounts for March 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 Army-Navy Surplus's income statement for March 2020. Report gross profit. Operating expenses totalled $4,000. Army-Navy Surplus uses weighted average costing lor inventory. The income tax rate is 21%. PS-37A Almy Navy Surplus Ltd, began March 2020 with 70 tents that cost $20 each. During

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