Best Yet Electronic began July with 100 units of merchandise inventory that cost $70 each. During July, the store made the following purchases: Best Yet uses the periodic inventory system, and the physical count at July 31 indicates that 130 units of merchandise inventory are on hand. 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 Best Yet's gross profit for July using each method. 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? 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 Best Yet? Why? The FIFO method will result in the highest net income because under this method, company's gross profit is the highest. 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 $21, 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