Tomorrows Electronic Center began December with units of merchandise inventory that cost $70 each. During December the store made the following purchases Click the icon to view the purchase.) Tomorrows uses the periodic inventory system, and the physical count at December 31 indicates that 110 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 FEO Ending inventory Cost of goods sold Requirements Data Table 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 $28,000. Compute Tomorrow's gros profit for December using each method. 3. Which method will result in the lowest income taxes for Tomorrow? Why? Which method will result in the highest net income for Tomorrows? Why Dec.3 Dec 12 Dec. 18 20 units $75 each 40 units 578 each 60 units 584 each Print Done Print Dornan Dono