Jepson Electronio Conter began July with 80 units of merchandise inventory that cost $80 ench During July, the store made the following purchases. (Click the icon to view the purchases) Jopeon unen the periodic Inventory system, and the physical court of July 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 July Arancial statements using the FIFO, LIFO and weighted average inventory costing methods FIFO LIFO Weighted average Ending inventory 7480 6,810 7,140 Cost of goods sold 7.220 7,890 7,560 Requirement 2. Sales revenue for July totaled $21,000. Compute Jepson's gross profit for July using each method FIFO Cost LIFO Cost Woighted-average Gross profit Data Table Requirements Jul 3 Jul. 12 Jul. 18 20 units @ $82 each 30 units @ $97 each 45 units @ $90 each 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 $21.000. Compute Jopson's grous profit for July using each method 3. Which method will result in the lowest income taxes for Jopson? Why? Which method will result in the highest not income for Jepson? Why? Print Done Check