Jepson electric center began July with 80 units of merchandise inventory that cost $80 each. During July, the store made the following purchases:

kld 464932568&questlonld 18 C Prof. Newman-Early Winter 2018 work: Week Four: Chapter 6: Problems 4016(3complete) 1 pt similar to) tronic Center began July with 80 units of merchandise inventory that cost $80 each. During July, the store made the folowing purchases: he icon to view the purchases) s the periodic inventory system, and the physical count at July 31 indicates thait 85 units of merchandise inventory are on hand it 1.0mme to ndg merchandise inventory and oost ofgoods sold anouts tr to dly fnancial staterments using the FIFO. LFO, and weightedavetage n FIFO entory ods sold Requirements 1. Determine the ending merchandise inventory and cost of goods sold amounts 2. Sales revenue for July totaled $26,000. Compute Jepson's gross proflt for 3. Which method will result in the lowest income taxes for Jepson? Why? Which for the July inancial statements using the FIFO, LIFO, and weighoed-average inventory costng methods July using each method method will result in the highest net income for Jepson? Why? Print Done number in the edit fields and then click Check Answer Clear A