ork B $-$ Graded

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Best Yet 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.$)$

Best Yet 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. methods.

FIFO

Ending inventory

Cost of goods sold

Requirements

Data table

$\backslash$table$[[$Jul$.3,20$ units @ $$76$ each$],[$Jul$.12,30$ units @ $$78$ each$],[$Jul$.18,40$ units @ $$94$ each$]]$

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.

Sales revenue for July totaled $$27,000.$ Compute Best Yet's gross profit for July using each method.

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Which method will result in the lowest income taxes for Best Yet? Why?

Which method will result in the highest net income for Best Yet? Why?

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