Futuristic Electronic Center began July with 100 units of merchandise inventory that cost $ 78 each. During July, the store made the following purchasesJul 3 40 [email protected] $ 80 each 12 60 units S 82 each 18 40 units S 94 eaclhFuturistic uses the periodic inventory system, and the physical count at July 31 indicates that 130 units of merchandise inventory are on hand.
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 $28,000. Compute Futuristic's gross profit for July using each method.
3. Which method will result in the lowest income taxes for Futuristic? Why? Which method will result in the highest net income for Futuristic? Why?
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