14) Contemporary Electronic Center began October with 80 units of merchandise inventory that cost $80 each. During October?, the store made the following?purchases:

Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the?FIFO, LIFO, and?weighted-average inventory costing methods.

Requirement 2. Sales revenue for October totaled $29,000. Compute Contemporary's gross profit for October using each method.

Requirement 3. Which method will result in the lowest income taxes for Contemporary?? ?Why? Which method will result in the highest net income for Contemporary?? ?Why?

The a) average cost b) LIFO c) FiFo method will result in the lowest income taxes because under this?method, company's gross profit is the a) highest b) lowest

Which method will result in the highest net income for Contemporary?? ?Why?

The a) average cost b) LIFO c) FiFo method will result in the highest net income because under this?method, company's gross profit is the a) highest b) lowest