tomorrows electronic center began october with 90 units of merchandise inventory that cost 70 each during october the store made the following purchases/

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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 $ 26,000. Compute Tomorrows’ gross profit for October using each method.
3. Which method will result in the lowest income taxes for Tomorrows? Why? Which method will result in the highest net income for Tomorrows? Why?

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