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please help me solve this 25th Century Electronic Center began October with 90 units of merchandise inventory that cost $70 each. During October, the store
please help me solve this
25th Century Electronic Center began October with 90 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: III (Click the icon to view the purchasos.) 25th Century uses the periodic inventory system, and the physical count at October 31 indicates that 110 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 finanoial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Data table 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 25 th Century's gross profit for October using each method. 3. Which method will result in the lowest income taxes for 25th Century? Why? Which method will result in the highest net income for 25th Century? Why Step by Step Solution
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