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  3. right now electronic center began october with 90

Right Now Electronic Center began October with 90 units of merchandise inventory that cost $70...

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Accounting

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Right Now Electronic Center began October with 90 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: (Click the icon to view the purchases.) Right Now 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 financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. LIFO FIFO 8,910 Ending inventory Cost of goods sold 7,050 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 $21,000. Compute Right Now's gross profit for October using each method. Which method will result in the lowest income taxes for Right Now? Why? Which method will result in the highest net income for Right Now? Why? 3. Print Done Data table Oct. 3 Oct. 12 20 units @ $75 each 40 units @ $78 each 60 units @ $84 each Oct. 18

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