Sare = Homework: Ch 6 Homework B - Graded Question 5, PF6A-32A (s HW Score 11.54%, 3 et 26 points Points: 0d 5 Contemporary Electronic Centet began December with units of merchandise rectory that cost 570 each. During December, the store made the following the (Click the loon to view the purchase) Contemporary uses the periodic inventory system, and the physical count at December 31 indicates that 110 units el marchandise intay aan hand Read the requirements Requirement 1, Determine the ending merchandise inventory and content or December ng FFO.LFO trang nanay methods FIFO Ending inventory Cont of goods sold Check Answer CA Get More Help Text Pages Help Me Solve This or merchandise Data Table Dec. 3 20 units @ $75 each Dec. 12 40 units @ $78 each Dec. 18 60 units @ $84 each Print Done -e Help CA h 90 units of merchandise inventory that cost $70 each. During December, the store made the follo d the physical.count at December 31 indicates that 110 units of merchandise inventory are on hand Requirements 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. 2. Sales revenue for December totaled $29,000. Compute Contemporary's gross profit for December using each method. 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? Print Done Get More Help F FB FO