Jepson Electronic Center began October with 90 units of merchandise inventory that cost $60 each. During October, the store made the following purchases: (Click the icon to view the purchases.) Jepson uses the periodic inventory system, and the physical count at October 31 indicates that 140 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 e Requirements Ending inventory Cost of goods sold 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 $27,000. Compute Jopson's gross profit for October using each method. Enter any number in the edit fields and then click Check All 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? 5 parts remaining Oct. 3 60 units @ $ 80 each 12 70 units @ $ 82 each 18 60 units @ f 89 each