Contemporary Electronic Center began October with $90$ units of merchandise inventory that cost $$60$ each. During October, the store made the following purchases: $($Click the icon to view the purchases.$)$

Contemporaryuses the periodic inventory system, and the physical count at October$31$ indicates that $140$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

$\backslash$table$[[$FIFO$,$LIFO,Weighted$-$average$],[11,880,9,400,10,640],[9,400,11,880,10,640]]$

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

LIFO Cost

Weighted$-$average

Gross profit

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