Jepson Electronic Center began October with 80 units of merchandise inventory that cost $80 each. During October, the store made the following purchases: E (Click the icon to view the purchases.) Jepson uses the periodic inventory system, and the physical count at October 31 indicates that 85 units of merchandise inventory are on hand Read the requirements. - Requirement 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 FIFO Ending inventory Cost of goods sold Data table x Oct. 3 20 units @ $82 each Requirements Oct. 12 30 units @ $87 each Oct. 18 45 units @ 590 each 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 Sales revenue for October totaled $28.000 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? Print Done