25th Century Electronic Center began July with 80 units of merchandise inventory that cost $80 each. During July, the store made the following purchases: E (Click the icon to view the purchases.) 25th Century uses the periodic inventory system, and the physical count at July 31 indicates that 85 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 LIFO Weighted average Ending inventory Cost of goods sold Data Table Requirement 2. Sales revenue for July totaled $28,000. Compute 25th Century's gross profit for July using each method. FIFO Cost LIFO Cost Weighted average Gross profit Jul. 3 Jul. 12 20 units @ $82 each 30 units @ $87 each 45 units @ $90 each Requirement 3. 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. 18 The LIFO method will result in the lowest income taxes because under this method, company's gross profit is the lowest Which method will result in the highest net income for 25th Century? Why? The FIFO method will result in the highest net income because under this method, company's gross profit is the highest . Print Done