Up-to-Date Electronic Center began December with 90 units of merchandise inventory that cost $70 each. During December, the store made the following purchases: E (Click the icon to view the purchases.) Up-to-Date 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. Data table Dec. 3 20 units @ $75 each 40 units @ $78 each Dec. 12 Dec. 18 60 units @ $84 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 $24,000. 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