Futuristic Electronic Center began October with 65 units of merchandise inventory that cost $82 each. During October, the store made the following purchases Click the icon to view the purchases) Futuristic uses the periodic inventory system, and the physical count at October 31 indicates that 80 unts 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 inancial statements using the FIFO, LIFO, and weighted average inventory costing methods N Waghted average FIFO 710 UFO 5680 Ending inventory Cost of goods sold Requirement 2. Sales revenue for Odober o d 20.000 compte Future gross pro for October using each method FIFO Cost UFO Can Werged average Enter any number in the bed and then conto the return Type here to search AGD4 40 T UTULUMU HIILIHY ULA UUSISZ Edull During clober, the store made the following our wiew the purchases.) hodic inventory system, and the physical count at October 31 indicates that 80 units of merchandise inventory are on hand. i ermine the ending merchandise inn entory costing methods. Data Table - X hancial statements using the FIFO, LIFO, FIFO 7410 Oct 3 12 18 25 units @ $ 90 each 30 units@ $ 90 each 35 units @ $ 96 each ales revenue for October totaled $28 FIFO Cost LIFO batch method Print Done r in the edit fields and then continue to the next question TY U 10 G H I J K L BN M. Electronic Center began October with 65 units of merchandise inventory that cost $82 each. During October, the store made the follow ck the icon to view the purchases.) cuses the periodic inventory system, and the physical count at October 31 indicates that 80 units of merchandise inventory are on hand me requirements rement 1. Determine the end ed average inventory costing 0 Requirements -X ^ using the FIFO, ng inventory of goods sold 1. Determine the ending merchandise inventory and cost of goods sold amounts for the Odober financial statements using the FIFO, UFO, and weighted average inventory costing methods 2 Sales revenue for October totaled $28.000 Compute Futuristic's gross profit for Odober using each method 3. Which method will result in the lowest income taxes for Futuristic? Why? Which method will result in the highest net income for Futuristic? Why? uirement 2. Sales revenue for a FIFO er any number in the edit fields Print Done Futuristic Electronic Center began October with 65 units of merchandise inventory that cost $82 each. During October, the store made the following purchases Click the icon to view the purchases) Futuristic uses the periodic inventory system, and the physical count at Odober 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, UFO, and weighted average entory costing methods FO LIFO Weighted average Ending inventory 7410 6 80 Cost of goods sold Requirement 2. Sales revenue for October totaled $20,000. Compute Futuristic's gross profit for October using each method FIFO Cost LIFO Cost Weighted average Enter any number in the edit fields and then continue to the next gestion ype here to search * c v B N M! Futuristic Electronic Center began October with 65 units of merchandise inventory that cost $82 each. During October, the store made the following purchases: Click the icon to view the purchases.) Futuristic uses the periodic inventory system, and the physical count at October 31 indicates that 80 units of merchandise inventory are on hand. Read the legem Requirement 2. Sales revenue for Odober totaled $28,000. Compute Futuristic's gross profit for Odober using each method FOCost UFO Cost Weighted average Gross prolt Requirement 3. Which method will result in the lowest income taxes for Futur ? Why? Which method will result in the highest net income for Futuristic? Why? The method was in the lowest income taxes because under this method company's gross profis the Which method will result in the highest net income for Futuristic? Why The method will result in the highest net income because under this method company's gross profit is the Enter any number in the edit fields and then continue to the next cuestion perere to search t AGD 44 NO VIEW e puulas ) Futuristic uses the periodic inventory system, and the physical count at October 31 indicates that 80 units of merch Read the requirements Requirement 2. Sales revenue for Odober totaled $28,000. Compute Futuristic's gross profit for October using ead FIFO Cost LIFO Cost Weighted average Gross profit Requirement 3. Which method will result in the lowest income taxes for Futuristic? Why? Which method will result in method will result in the lowest income taxes because under this method, company's gross profit is Wh average cost LIFO FIFO the highest net income for Futuristic? Why? I will result in the highest net income because under this method company's gross profit is th Enter tfields and then continue to the next question O Type here to search V BN Lise inventory that cost $82 each. During October, the store made the following purchases it at October 31 indicates that 80 units of merchandise inventory are on hand 72.28% pute Futuristic's gross profit for Odober using each method Weighted average ates for Futuristic? Why? Which method will result in the highest net income for Futuristic? Why? Es because under this method, company's gross profit is the c? Why? ne because under this method, company's gross profit is the lowest highest he next question 60 400 m
