Up-to-Date Electronic Center began October with 90 units of merchandise inventory that cost $60 each. During October, the store made the following purchases: (Click the icon to view the purchases.) Up-to-Date uses the periodic inventory system, and the physical count at October 31 indicates that 140 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, LIFO, and weighted average inventory costing methods, FIFO Ending inventory Cost of goods sold Data Table Requirements Oct. 3 60 units @ $80 each 70 units @ $82 each Oct. 12 Oct. 18 60 units @ $89 each 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 Up-to-Date's gross profit for October using each method. 3. Which method will result in the lowest income taxes for Up-to-Date? Why? Which method will result in the highest net income for Up-to-Date? Why? Print Done Print Done Help Me Solve This e Text Pages Get More Help Clear All Check