Right Now Electronic Center began Dec with 90 units of merchandise inventory that cost $74 each. During Dec, the store made the following purchases:

Dec 3: 20 units @ $76 each

Dec 12: 30 units @ $78 each

Dec 18: 60 units @ $94 each

Right Now uses the periodic inventory system, and the physical count at Dec 31 indicates that 80 units of inventory are on hand.

1a. Determine the ending merchandise inventory and cost of goods sold amounts for the Dec financial statements using FIFO, LIFO, and weighted average inventory costing methods.

1b. Sales revenue for Dec totaled $25000. Compute Jepson's gross profit for July using each method.

1c. Which method will result in the lowest income taxes for RightNow? Why and what is the company's gross profit under that method? 1d. Which method will result in the highest income taxes for RightNow? Why and what is the company's gross profit under that method?