Fossil specializes in designer watches and leather goods. Assume Fossil began June holding 10 wristwatches that cost $50 each. During June, Fossil bought and sold inventory as follows: Jun 3 Sold 8 units for $100 each 16 Purchased 10 units @ $56 each 23 Sold 8 units for $100 cach Requirements 1. Prepare a perpetual inventory record for Fossil using FIFO, LIFO, and Average cost. 2. Journalize all of Fossil's inventory transactions for June under all three costing methods. 3. Show the computation of gross profit for each method. 4. Which method maximizes net income? Which method minimizes income taxes?