Provide full explanation

Fossil specializes in designer watches and leather goods. Assume Fossil began June holding 10 wristwatches that cost $50 each. Fossil sells these watches for $100 each. During June, Fossil bought and sold inventory as follows: June 3 16 23 Sold 8 units for $100 each Purchased 10 units @ $55 each Sold 8 units for $100 each Required 1. Prepare a perpetual inventory record for Fossil under FIFO LIFO Average-Cost 2. Journalize all of Fossils inventory transactions for June under all three costing methods. 3. Show the computation of gross profit for each method. 4. Which method maximizes net income? Which method minimizes income taxes