Futuristic Electronic Center began October with 80 units of merchandise inventory that cost $80 each. During October, the store made the following purchases E (Click the icon to view the purchases.) Futuristic uses the periodic inventory system, and the physical count at October 31 indicates that 95 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 October financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. FIFO LIFO Weighted-averag Ending inventory Cost of goods sold Requirement 2. Sales revenue for October totaled $30,000. Compute Futuristic's gross profit for October using each method. Data Table FIFO Cost t LIFO Cost Weighted-average Oct 3 20 units s 82 each 2 30 units 87 each 18 45 units $ 90 each Gross profit Requirement 3. Which method will result in the lowest income taxes for Futuristic? Why? Which method will result in the highest net income for Futuristic? Why? The Which method will result in the highest net income for Futuristic? Why? The method will result in the lowest income taxes because under this method. Company's gross profit is the Print Done method will result in the highest net income because under this method, company's gross profit is the