income statenents dl utee Seals, nting for inventory using the periodic inventory system- FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO and weighted-average Learning Objectives 2, 3, 7 Appendix 6A Futuristic Electronic Center began October with 65 units of merchandise inventory that cost $82 cach. During October, the store made the following purchases: 1. LIFO Ending Merch. Inv, $6,680 Oct. 3 25 units $ 90 each 12 30 units @$ 90 each 18 35 units $ 96 each Futuristic uses the periodic inventory system, and the physical count at October 31 indicates that 80 units of merchandise inventory are on hand. Requirements 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 for October using each method. method will result in the highest net income for Fururistic? Why? 2. Net sales revenue for October totaled $28,000. Compute Fururistic's gross profit 3. Which method will result in the lowest income taxes for Futuristic? Why? Which