Contemporary Electronic Center began October 70 units of merchandise inventory that cost $74 each. During October, the store made the following purchases Click the icon to view the purchases) Contemporary uses the periodo invertory system, and the physical count at October 31 indices that sounds of merchandise inventory are on hand Read the remonts Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October nancial statements using the FIFOLIFO, and weighted average inventory costing methods UFO welche average FO Ending nentory Cost of goods sold Requirement. Baies revenue for October FO Data Table 27.000. Compute Contemporary's grossportbring each method F O Cool Grosse Od 2037 1230 units @ $ 78 each t h her income for Contemporary? Why? Requirements. Which one will return the low come for Contemporary? WhyWhich method wi The method wi t in the income because under the company Which o n the highest et income for Contemporary Why? The method with the highest net income because under this methot com rom Print Done is the Contemporary Electronic Center began October with 70 units of merchandise inventory that cost $74 cach. During October, the store made the following purchases: (Click the icon to view the purchases.) Contemporary 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-aven FIFO LIFO Weighted average Ending inventory Cost of goods sold Requirement 2. Sales revenue for October totaled $27,000. Compute Contemporary's gross profit for October using each method. FIFO Cost UFO Cost Weighted average Gross profit 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 method will result in the lowest income taxes because under this method, company's gross profit is the Whic the highest net income for Contemporary? Why? average-cost The I will result in the highest net income because under this method, company's gross profit is the LIFO FIFO Enter any number in the edit fields and then continue to the next question Question Help $74 each. During October, the store made the following purchases: os that 80 units of merchandise inventory are on hand. for the October financial statements using the FIFO, LIFO, and weighted average inventory costing methods 0 Data Table profit for October using each method. Oct. 3 20 units @ $ 30 units @ $ 40 units @ $ 76 each 78 each 94 each ? Which method will result in the highest net income for Contemporary? Why? company's gross profit is the Print Done company's gross profit is the highest lowest