> Tex liat Rese Stur FINO LIFO icat Contemporary Electronic Center began December with 65 units of merchandise inventory that cost $42 cach. During December, the store made the following purchases (Click the icon to view the purchase.) Contemporary uses the periodic inventory system, and the physical count at December 31 indicates that 80 units of merchandise inventory are on hand Read the requirements Requirement 1. Determine the ending merchandise inventory and cont of goods sold amounts for the December francial statements using the FIFO, LIFO, and weighted average inventory costing methods Weighted average Ending inventory Cost of goods sold Requirement 2. Sales revenue for December totaled $23,000. Compute Contemporary gross profit for December using each method FIFO Cost Weighted average Grosse Requirement 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? method will result in the lowest income taxes because under this method, company's gross profit is the Which method will result in the highest net income for Contemporary? Why? method will result in the highest net income because under this method company's gross profit is the UFO Cont The The adise inyonton and cost of coods sold amounts for the December financial state Data Table Dec 3 25 units @ $ 90 each er totaled $ 12 30 units @ $ 90 each per using each me 18 35 units @ $ 96 each LIFO Print Done n the lowest Il result in the highest he lowest income taxes because under this method, company's gross profit is the