Futuristic Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: (Click the icon to view the purchases.) Futuristic uses the periodic inventory system, and the physical count at October 31 indicates that 130 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. Ending inventory Cost of goods sold FIFO Data table Oct. 3 Oct. 12 Oct. 18 Print 35 units @ $82 each 45 units @ $84 each 75 units @ $90 each Done 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 $28,000. Compute Futuristic's gross profit for October using each method. 3. Which method will result in the lowest income taxes for Futuristic? Why? Which method will result in the highest net income for Futuristic? Why? Print Done X

Futuristic Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: (Click the icon to view the purchases.) Futuristic uses the periodic inventory system, and the physical count at October 31 indicates that 130 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. Ending inventory Cost of goods sold FIFO Data table Oct. 3 Oct. 12 Oct. 18 Print 35 units @ $82 each 45 units @ $84 each 75 units @ $90 each Done 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 $28,000. Compute Futuristic's gross profit for October using each method. 3. Which method will result in the lowest income taxes for Futuristic? Why? Which method will result in the highest net income for Futuristic? Why? Print Done X

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Description: accounting Futuristic Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store made the following purchases:(Click the icon to view the purchases.)Futuristic uses the periodic inventory sys

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...

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