accounting

Project Description:

tomorrows electronic center began october with 70 units of inventory that cost $61 each. during october, the store made the following purchases:
tomorrow uses the periodic inventory system and the physical count at october 31 indicates that 96 units of inventory are on hand.
requirements:
1 determine the ending inventory and cost of goods sold amounts for the october financial statements under the average cost, fifo, and lifo methods.
2 sales revenue for october totaled $29,000. compute tomorrow gross profit for october under each method.
3 which method will result in the lowest income taxes for tomorrow's? why? which method will result in the highest net income for tomorros? why?
oct. 3 30 @ $70
12 60 @ $75
18 55 @ $76
requirement 1 determine the ending inventory and cost of goods sold amounts for the october financial statements under the average cost, fifo, and lifo methods.
average cost. fifo cost. lifo cost
ending inventory
cost of goods sold

requirement 2 sales revenue for october totaled $29,000. compute tomorrows gross profit for october under each method.

average cost fifo cost. lifo cost
gross profit

requirement 3 which method will result in the lowest income taxes for tomorrow's? why?
the____________________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 tomorrow's? why?
the ___________________method will result in the highest net income because under e r this method, company's gross profit is the ______________.
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