1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. 2. Sales revenue for October totaled $23,000. Compute Jepson's gross profit for October using each method. 3. Which method will result in the lowest income taxes for Jepson? Why? Which method will result in the highest net income for Jepson? Why? Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financil FIFO LIFO Weighted average Ending inventory Cost of goods sold Requirement 2. Sales revenue for October totaled $23,000. Compute Jepson's gross profit for October using each m FIFO Cost LIFO Cost Weighted average Gross profit Requirement 2. Sales revenue for October totaled $23,000. Compute Jepson's gross profit for October using each method. FIFO Cost LIFO Cost Weighted-average Gross profit Requirement 3. Which method will result in the lowest income taxes for Jepson? Why? Which method will result in the highest net income for Jeps method will result in the lowest income taxes because under this method, company's gross profit is the Which method will result in the highest net income for Jepson? Why? method will result in the highest net income because under this method, company's gross profit is the The The Enter any number in the edit fields and then continue to the next question Oct. 3 20 units @ 76 each 12 30 units @ $ 78 each 18 40 units @ $ 94 each Jepson Electronic Center began October with 70 units of merchandise inventory that cost $74 each. During October, the store made the fol (Click the icon to view the purchases.) Jepson uses the periodic inventory system, and the physical count at October 31 indicates that 80 units of merchandise inventory are on ha Read the requirements Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using FIFO LIFO Weighted average Ending inventory Cost of goods sold Requirement 2. Sales revenue for October totaled $23,000. Compute Jepson's gross profit for October using each method. FIFO Cost LIFO Cost Weighted average Gross profit