Best Yet Electronic Center began October with 100 units of merchandise inventory that cost $78 each. During

Question:

Best Yet Electronic Center began October with 100 units of merchandise inventory that cost $78 each. During October, the store made the following purchases:
Oct. 3......40 units @ $ 80 each
12......60 units @ $ 82 each
18......40 units @ $ 94 each
Best Yet uses the periodic inventory system, and the physical count at October 31 indicates that 130 units of merchandise inventory are on hand.
Requirements
1. Determine the ending merchandise inventory and cost of goods sold amounts for the October using the FIFO, LIFO, and weighted-average inventory costing methods.
2. Sales revenue for October totaled $23,000. Compute Best Yets gross profit for October using each method.
3. Which method will result in the lowest income taxes for Best Yet? Why? Which method will result in the highest net income for Best Yet? Why? Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...