Up-to-Date Electronic Center began December with 65 units of merchandise inventory that cost $82 each. During December, the store made the following purchases: (Click the icon to view the purchases.) Up-to-Date uses the periodic inventory system, and the physical count at December 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 December financial statements using the FIFO, LIFO, and weighte FIFO Ending inventory 75 Cost of goods sold X Requirements 25 units @ $90 each 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and 30 units @ $90 each weighted-average inventory costing methods. 35 units @ $96 each 2. Sales revenue for December totaled $26,000. Compute Up-to-Date's gross profit for December using each method. 3. Which method will result in the lowest income taxes for Up-to-Date? Why? Which method will result in the highest net income for Up-to-Date? Why? Data table Dec. 3 Dec. 12 Dec. 18