Data table Oct. 3 40 units @$80 each Oct. 12 60 units @ $82 each Oct. 18 40 units @$94 each Print Done - X Contemporary Electronic Center began October with 100 units of merchandise inventory that cost $78 each. 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 130 units of merchandise inventory are on hand. Read the requirements C 4 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, FIFO Ending inventory 11,080 Cost of goods sold 8,600 LIFO ronic Center began October with 100 units of merchandise inventory that cost $78 ea to view the purchases 1 Requirements 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. 2. Sales revenue for October totaled $30,000. Compute Contemporary's gross profit for October 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? Print Done