Contemporary Electronic Center began December with 60 units of merchandise inventory that cost $68 each. During December, the store made the following purchases: 5 (Click the icon to view the purchases.) Contemporary uses the periodic inventory system, and the physical count at December 31 indicates that 90 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 December financial statements using the FIFO, LIFO, and weighted average inventory costing methods. FIFO Ending inventory Cost of goods sold Data Table Dec. 3 Dec. 12 40 units @ $72 each 50 units @ $90 each 30 units @ $92 each Dec. 18 Print Done