Tomorrows Electronic Center began December with 90 units of merchandise inventory that cost $60 each. During December, the store made the following purchases: E: (Click the icon to view the purchases.) Tomorrows uses the periodic inventory system, and the physical count at December 31 indicates that 140 units of merchandise inventory are on hand. Read the requirements. .... Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted average inventory costing methods. FIFO Ending inventory Cost of goods sold Data table Requirements Dec. 3 Dec. 12 60 units @ $80 each 70 units @ $82 each 60 units @ $89 each 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted average inventory costing methods. 2. Sales revenue for December totaled $22,000. Compute Tomorrows's gross profit for December using each method. 3. Which method will result in the lowest income taxes for Tomorrows? Why? Which method will result in the highest net income for Tomorrows? Why? Dec. 18 Print Done Print Done