contemporary electronic center begin July with 65 units of merchandise inventory that cost $82 each during July the store made the following purchases contemporary uses the periodic inventory system and the physical count of July 31 indicates a 80 units of merchandise inventory are on hand determine the ending merchandise Victorian cost of good sold amount for the July financial statement using the FIFO LIFO and weighted average inventory costing method

Contemporary Electronic Center began July with 65 units of merchandise inventory that cost \$82 each. During July. the store made the following purchases: E:83 (Click the icon to view the purchases.) Contemporary uses the periodic inventory system, and the physical count at July 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 July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. made the following purchases: (Click the icon to view the purchases.) intemporary uses the periodic inventory system, and the physical cou erchandise inventory are on hand. Contemporary Electronic Center began July with 65 units of merchandise inventory that co store made the following purchases: (Click the icon to view the purchases.) Requirements 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. 2. Sales revenue for July totaled $30,000. Compute Contemporary's gross profit for July using each method. 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