P6A-1 A Best Yet Electronic Center began December with 100 units of inven- tory that cost $75 each. During December, the store made the following purchases: 50 @ 82 18 80 @ 85 Best Yet uses the periodic inventory system, and the physical count at December 31 indicates that 110 units of inventory are on hand. Requirements 1. Determine the ending inventory and cost-of-goods-sold amounts for the December financial statements under the average cost, FIFO, and LIFO methods. (pp. 346-347) gross profit for December under each method. (pp. 349-350) Why? Which method will result in the highest net income for Best 2. Sales revenue for December totaled $25,000. Compute Best Yet's 3. Which method will result in the lowest income taxes for Best Yet? Yet? Why? (pp. 349-350, 320-321)