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Huge-Navy Surplus Ltd began October 2020 with 71 tents that cost $24 each. During the month, Huge-Navy Surplus made (Click the icon to view the purchases.) Huge-Navy Surplus sold 321 tents (151 tents on October 22 and 170 tents on October 30), and at October 31 the ending inve Resuirements Requirement 1. Determine the cost of goods sold and ending inventory amounts for October under (a) weighted average cost (Assume a perpetual inventory control system is used.) Qu 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 inv. Weighted average cost results in the highest cost of goods sold because (a) the cost of tents is and that makes cost of goods sold the under weighted average cost and (b) weighted averag Requirement 3. Prepare Huge-Navy Surplus's income statement for October 2020 Report gross profit. Operating expenses tota tax expense to the nearest whole dollar.) th, Huge-Navy Surplus made the following purchases at cost: d at October 31 the ending inventory consists of 51 tents. The sale price of each tent was $49. under (a) weighted average cost and (b) FIFO cost. Round weighted average cost per unit to four de Question Viewer specific. (Assume a perpetual inventory control system is used.) Alhan wing purchases at cost consists of 51 tents. The sale price of each tent was $49. (b) FIFO cost. Round weighted average cost per unit to four decimal places, and round all other amounts to the nearest dollar on Viewer atory control system is used.) cost includes the cost of the When costs are rising, these latest inventory costs are the highest od 1750 Hine-Navy Surplus uses the weighted average costing for inventory. The income tax rate is 40% (Round income 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) Weighted average cost results in the highest cost of goods sold because (a) the cost of tents is and (b) woighted average cost includes the cost of the and that makes cost of goods sold the under weighted average cost Requirement 3. Propare Huge-Navy Surplus's income statement for October 2020 Report gross pront. Operating expenses totalled s4.780 Hugo Nowy Surplus use tax expense to the nearest whole dollar) Huge Navy Surplus Ltd Income Statement For the Month Ended October 31, 2020 Choose from any list or enter any number in the input fields and then continue to the next question ame a perpetual Inventory control system is used.) When costs are nsing these latest inventory costs are the highest nd (b) weighted average cost includes the cost of the Operating expenses totalled $4,750. Huge-Navy Surplus uses the weighted average costing for inventory The income tax rate is 40% (Round income tho 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 and that makes cost of goods sold the under weighted average cost Requirement 3. Prepare Huge Navy Surplus's income statement for October 2020 Report gross profit Operating expenses totalled $4,750 Huge-Navy Surplus uses tax expense to the nearest whole dollar.) Huge Navy Surplus Ltd Income Statement For the Month Ended October 31, 2020 Choose from any list or enter any number in the input fields and then continue to the next question ventory contror system is use.) rage cost includes the cost of the When costs are rising, these latest inventory costs are the highest totalled $4,750 Huge Navy Surplus uses the weighted average costing for inventory. The income tax rate is 40% (Round income Requirement 3. Prepare Huge-Navy Surplus's income statement for Octob tax expense to the nearest whole dollar.) Huge-Navy Surplus Ltd. Income Statement For the Month Ended October 31, 2020 hor in the innut fields and then co Decil. (Assume a perpetual inventory Com or system is usuu.) and (b) weighted average cost includes the cost of the When co i Purchases - OS the weighted average costing October 4 101 tents @ $ 26 19 160 tents @ 28 = $ 2,626 4,480 1,160 25 40 tents @ 29 Print Done COSI. De specie (Assume a perpetual inventory corror system is usuu.) os - i Requirements d-average 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 Huge-Navy Surplus's income statement for October 2020. Report gross profit. Operating expenses totalled $4,750. Huge-Navy Surplus uses the weighted average costing for inventory. The income tax rate is 40% Print Done