Accounting for inventory using the periodic inventory system-FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Best Yet Electronic Center began October with 100 units of merchandise inventory that cost $78 each. During October, the store made the following purchases: Best Yet uses the periodic inventory system, and the physical count at October 31 indicates that 130 units of merchandise inventory are on hand. 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. Sales revenue for October totaled $23,000. Compute Best Yet's gross profit for October using each method. 3. Which method will result in the lowest income taxes for Best Yet? Why? Which method will result in the highest net income for Best Yet? Why