Right Now Electronic Center began December with 70 units of merchandise inventory that cost $74 each. During December, the store made the following purchases: (Click the icon to view the purchases.) Right Now uses the periodic inventory system, and the physical count at December 31 indicates that 80 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 December financial statements using the FIFO, LIFO, and weighted average inventory costing methods. FIFO Ending inventory Cost of goods sold Data Table Requirements Dec. 3 Dec. 12 20 units @ $76 each 30 units @ $78 each 40 units @ $94 each Dec. 18 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted average inventory costing methods. 2. Sales revenue for December totaled $22,000. Compute Right Now's gross profit for December 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? Print Done Print Done Help Me Solve This e Text Pages Get More Help Clear All Check