Contemporary Electronic Center began July with 90 units of merchandise inventory that cost $70 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Contemporary uses the periodic inventory system, and the physical count at July 31 indicates that 110 units of merchandise inventory are on hand. Read the 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. Requirements Data table 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 $22,000. Compute Contemporary's gross profit for July using each method. 3. Which method will result in the lowest income taxes for Contemporary? Why? Which method will result in the highest net income for Contemporary? Why