Homework: Problem 6A-32A core: 34.62 of 50 pts 1 0f 1 (1 complete) HW Score: 69.23%, 34.62 of 50 P6A-32A (similar to) Question Help Futuristic Electronic Center began July with 90 units of merchandise inventory that cost $60 each. During July, the store made the following purchases: EB (Click the icon to view the purchases) Futuristic uses the periodic inventory system, and the physical count at July 31 indicates that 140 units of merchandise inventory are on hand Read the requirements FIFO 11,880 9,400 LIFO Weighted-average 9,400 11,880 10,640 Ending inventory Cost of goods sold Requirement 2. Sales revenue for July totaled $28,000. Compute Futuristic's gross profit for July using each method 0,640 FIFO Cost LIFO Cost Weighted-average S 18,600S 16,120 S 17,360 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 method will result in the lowest income taxes because under this method, company's gross profit is the Click to select your answer(s) and then click Check Answer highest lowest part remaining ck