Contemporary Electronic Center began July with 60 units of merchandise inventory that cost $68 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 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 July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Ending inventory Cost of goods sold FIFO 7,980 6,240 LIFO 6,240 7,980 Weighted-average 7,110 7,110 Requirement 2. Sales revenue for July totaled $25,000. Compute Contemporary's gross profit for July using each method. Gross profit FIFO Cost LIFO Cost Weighted-average Data table Jul. 3 40 units @ $72 each Jul. 12 50 units @ $90 each Jul. 18 30 units @ $92 each