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Contemporary Electronic Center began December with 100 units of merchandise inventory that cost $78 each. During December, the store made the following purchases: EE (Click the icon to view the purchases.) Contemporary uses the periodic inventory system, and the physical count at December 31 indicates that 130 units of merchandise inventory are on hand. Read the reauirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. FIFO Ending inventory Cost of goods sold Data Table Dec. 3 40units 80 each 12 60 units 82 each 18 40 units $ 94 each Print Done Requirements 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Sales revenue for December totaled $28,000. Compute Contemporary's gross profit for December using each method. Which method will result in the lowest income taxes for Contemporary? Why? Which method will result in the highest net income for Contemporary? Why? 2. 3. Print Done