Data Table Jul. 3 Jul. 12 35 units @ $82 each 45 units @ $84 each 75 units @ $90 each Jul. 18 -V? Why? Print Done Requirements 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 $23,000. Compute Right Now's gross profit for July using each method. 3. Which method will result in the lowest income taxes for Right Now? Why? Which method will result in the highest net income for Right Now? Why? Print Done Right Now Electronic Center began July with 100 units of merchandise inventory that cost $70 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Right Now uses the periodic inventory system, and the physical count at July 31 indicates that 130 units of merchandise inventory are on hand, Read the foguitamen Roquirement 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 FIFO LIFO Weighted average Ending inventory Cost of goods sold Requirement 2. Sales revenue for July totaled $23,000. Computo Right Now's gross profit for July using each method FIFO Cost LIFO Cost Weighted average Gross profit Requirement 3. Which method will result in the lowest income taxes for Right Now? Why? Which method will result in the highest net income for Right Now? Why? The 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 Right Now? Why? The method will result in the highest net income because under this method, company gross profit is the Enter any number in the edit fields and then continue to the next