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HWE Homework: Chapter 6 Homework Score: 15.38 of 50 pts 6 of 6 6 complete * P6A-32A (similar to) 25 Century 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) 25th Century uses the periodic inventory system and the physical count at October 31 indicates that 80 units of merchandise inventory are on hand Read the regements 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 UFO W average Ending inventory 7,410 .680 7040 Cost of goods sold 8.270 6.000 6.600 Requirement 2. les revenue for October told 529.000. Comoute 25 Century's gross profit for October using each method UFO Cost We verage Gross profit 5500 16 320 15.500 Enter wy number in the ad d s and then click Check Answer Car A 6 of 6 (6 complete) y that cost $82 each. During October, the store made the following purchases: 31 indicates that 80 units of merchandise inventory are on hand. old amounts for the October financial statements using the FIFO, LIFO, and weighted-ave erage i Data Table tury's gross pp average 50 Oct. 3 12 18 25 30 35 units @ $ units @ $ units @ $ 90 each 90 each 96 each Print Done Clear All 6 of 6 (6 complete) entory that cost $82 each. During October, the store made the following purchases: Lober 31 indicates that 80 units of merchandise inventory are on hand. ods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-avera i Requirements th 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 $23,000. Compute 25th Century's gross profit for October using each method. 3. Which method will result in the lowest income taxes for 25th Century? Why? Wich method will result in the highest net income for 25th Century? Why? Print Done swer. Clear All