store made the following pu inventory are on hand. 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 $21,000. Compute Right Now's gross profit for October 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? Rements using the FIFO, LIFO Print Done chod. 6 Data Table highest net income for Right Now? Why? e Oct. 3 40 units @ $80 each 60 units @ $82 each 40 units @ $94 each Oct. 12 Oct. 18 Print Done 2 of 4 (1 completel Right Now Electronic Center began October with 100 units of merchandise Inventory that cost $78 each. During October, the store made the following purchase (Click the icon to view the purchases.) Right Now uses the periodic inventory system, and the physical count at October 31 indicates that 130 units of merchandise inventory are on hand. Read the requirements LIFO Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statementa uning the FIFO, LIFO, and weighted average inventory FIFO Weighted average Ending inventory Cost of goods sold Requirement 2. Sales revenue for October totaled $21,000. Compute Right Nows gross profit for October using each method FIFO Cost LIFO Cost Weighted averago Gross profit Requirement 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? The method will result in the lowest income taxes because under this method, company gross profit is the Which method will result in the highest net income for Right Now? Why? The method will result in the highest net income because under this method, company gross profit is the Enter any number in the edit fields and then continue to the next