Right Now Electric Center began July with 30 units of merchandise inventory that cost $60 each. During July, the store made the following purchases M(CM the purchases) Right Now Inventory system, and the physical count at July 31 indicates that 140 units of merchandise inventory are on hand Regiment 1. Det the ending merchandise inventory and cost of goods sold amounts for the July financial statements using the FIFO, LIFO, and ventory costing methods FFO LIFO Ending inventory 11.580 Cast of goods sold 9400 Right Now Electronic Center began July with 90 units of merchandise inventory that cost $60 each. During July, the store made the following purchases (Click the icon to view the purchases) Right Now unes the periodic inventory system, and the physical count at July 31 indicates that 140 units of merchandise inventory are on hand Read the requirements Data table Requirement 1. Determine the ending merchan weighted average inventory costing methods Jul. 3 Jul 12 60 units $80 each statements using the FIFO, LIFO, and 70 units 552 each FIFO Jul 18 60 units 589 each Ending inventory 11.880 Cost of goods sold 9400 Print Done Requirements July 31 indicates that 140 units of merchandise inventory au 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 $30,000. 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? - X