Data Table - Best Yet Electronic Center began December with 80 units of merchandise inventory that cost $80 each. During December, 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 December 31 indicates that 85 units of merchandise inventory are on hand. Read the requirements, Dec. 3 Dec. 12 20 units @ $82 each 30 units @ $87 each 45 units @ $90 each Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted average inventa Dec. 18 FIFO LIFO Weighted average Print Done Ending inventory Cost of goods sold Requirement 2. Sales revenue for December totaled $21,000. Compute Best Yet's gross profit for December using each method. FIFO Cost LIFO Cost Requirements Weighted average Gross profit Requirement 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? The v method will result in the lowest income taxes because under this method, company's gross profit is the Which method will result in the highest net income for Best Yet? Why? 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted average inventory costing methods. 2. Sales revenue for December totaled $21,000. Compute Best Yet's gross profit for December 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? The v method will result in the highest net income because under this method, company's gross profit is the Print Done bort uontian