$25$th Century Electronic Center began July with $60$ units of merchandise inventory that cost $$68$ each. During July, the store made the following purchases $($Click the icon to view the purchases.$)$

$25$th Century uses the periodic inventory system, and the physical count at July $31$ indicates that $90$ 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 July financial statements using the FIFO, LIFO, and Ending inventory

Cost of goods sold

Determine the ending merchandise inventory and cost of goods sold amounts for the July financial statements using the FIFO, LIFO, and weighted$-$average inventory costing methods.

Sales revenue for July totaled $$22,000.$ Compute $25$ th Century's gross profit for July using each method

Which method will result in the lowest income taxes for $25$ th Century? Why? Which method will result in the highest net income for $25$ th Century? Why?

Data table

$\backslash$table$[[$Jul$.3,40$ units @ $$72$ each$],[$Jul$.12,50$ units @ $$90$ each$],[$Jul$.18,30$ units @ $$92$ each$]]$