best year electronic center began july with 80 unjts of merchandise inventory that cost $80 each. during july the sotre made the following puechases:

Best Yet Electronic Center began July with 80 units of merchandise inventory that cost $80 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Best Yet 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. made the following purchases: (Click the icon to view the purchases.) Best Yet uses the periodic inventory system, and the physical count at July 31 indicate inventory are on hand. Best Yet Electronic Center began July with 80 units of merchandise inventory that cost $80 each. During made the following purchases: (Click the icon to view the purchases.) Requirementa 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. 2. Sales revenue for July totaled $29,000. Compute Best Yet's gross profit for July 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