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Best Yet Electronic Center began October with 65 units of merchandise inventory that cost $82 each During October, the store made the following purchases
Best Yet Electronic Center began October with 65 units of merchandise inventory that cost $82 each During October, the store made the following purchases (Click the icon to view the purchases.] Best Yet uses the periodic inventory system, and the physical count at October 31 indicates that 80 units of merchandise inventory are on hand Read the requirements 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 Ending inventory Cost of goods sold FIFO LIFO Weighted average 7.410 6680 7,040 6230 6.960 6,600 Requirement 2. Sales revenue for October totaled $30 000. Compute Best Yer's gross profit for October using each method. Gross prof FIFO Cost LIFO Cast Weighted average
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