tomorrows electronic center began July with 70 units of merchandise inventory that cost 74 each.

Tomorrows Electronic Center began July with 70 units of merchandise inventory that cost $74 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Tomorrows uses the periodic inventory system, and the physical count at July 31 indicates that 80 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 July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Tomorrows uses the periodic inventory system, and the physical count at July 31 indicates inventory are on hand. Data table Re sta t of goods sold amou ting methods. Requirements 1. Determine the ending merchandise inventory and cost of goods sold amounts for the July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. 2. Sales revenue for July totaled $24,000. Compute Tomorrows's gross profit for July 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