25th Century Electronic Center began July with 100 units of merchandise inventory that cost $70 each. During July, the store made the following purchases: B (Click the icon to view the purchases.) 25th Century uses the periodic inventory system, and the physical count at July 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 July financial statements using the FIFO, LIFO, and weighted average inventory costing methods. FIFO Ending inventory Cost of goods sold - Requirements - Data table 1. 2. 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 $21,000. Compute 25th Century's gross profit for July using each method. Which method will result in the lowest income taxes for 25th Century? Why? Which method will result in the highest net income for 25th Century? Why? Jul. 3 35 units @ $82 each 3. Jul. 12 45 units @ $84 each 75 units @ $90 each Jul. 18 Print Done Print Done