Contemporary Electronic Center began July with 100 units of merchandise inventory that cost $70 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Contemporary uses the periodic inventory system, and the physical count at July 31 indicates that 130 units of merchandise inventory are on hand. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Ending inventory Cost of goods sold FIFO 11,350 9,050 LIFO 9,460 10,940 Weighted-average 10,400 10,000 Requirement 2. Sales revenue for July totaled $23,000. Compute Contemporary's gross profit for July using each method. Gross profit FIFO Cost LIFO Cost Weighted-average