PF6A-37B (similar to) 256) Centary Electronic Center began December with units of merchandise inventory that cost $60 each. During December, the store made the following purchases (Click the icon to view the purchases) 25th Century uses the periodic inventory system and the physical count at December 31 indicates that 140 of merchandise invertory are on hand Read the counts Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the Decembet francial statements using the FIFO, LIFO and weighted average inventory costing methods FIFO Requirements Ending inventory Cost of goods sold 1. Determine the ending merchandise inventory and cost of goods sold mounts for the December financial statements using the FIFO, LIFO, and weighted average inventory costing methods 2 Sales revenue for December totaled $28.000. Compute 25th Century's gross profit for December using each method 3. Which method wil out in the lowest income taxes for 25 Century? Why? Which method will result in the highest net income for 25th Century Why? Dec 3 Dec 12 Dec. 18 50 units @ $60 each 70 units $2 each 60 unts @ $99 each Print Done Print Done