P6A-32A Accounting for inventory using the periodic inventory system- FIFO, LIFO, and weig and weighted-average hted-average, and comparing FIFO, LIFO, Futuristic Electronic Center began October with 65 units of merchandise inventory that cost $82 cach. During October, the store made the following purchases: Oct. 3 12 18 25 units @ $ 90 each 0 units @ $90 each 5 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 invento amounts for the October inventory costing methods. Net sales revenue for October totaled $28,000. Compute Futuristics gross profit for October using each method. financial statements using the FIFO, LIFO, and weighted-average 2. 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