Up-to-Date Electronic Center began December with 80 units of merchandise inventory that cost $80 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 85 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 Requirements Ending inventory Cost of goods sold 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 $26.000. Compute Up-to-Date's gross proft 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-Dute? Why? Dec 3 12 20 units @ $ 82 each 30 $ 87 och 45 units $ 90 each 18 Print Done Print Done Enter any number in the edit fields and then click Check Answer Check- Clear All 5 parts remaining - Neque # WOOR FIFO LIFO Ending inventory Cost of goods sold 7.480 7,220 6,810 7,890 Weighted average 7,140 7,560 Requirement 2. Sales revenue for December totaled $26,000. Compute Up-to-Date's gross profit for Dece FIFO Cost LIFO Cost Weighted average Gross profit