X i Requirements 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 $28,000. Compute Jepson's gross profit for December using each method. 3. Which method will result in the lowest income taxes for Jepson? Why? Which method will result in the highest net income for Jepson? Why? Print Done i Data Table Dec. 3 20 units @ $76 each Dec. 12 30 units @ $78 each Dec. 18 40 units @ $94 each Print Done Jepson Enetroric Center began December with 70 units of merchandise inventory that com 574 each. During December, the store made the following purchases: (Click the icon to view the purchases) Japon uses the periodic inventory system, and the physical count at December 31 indicates that units of merchandise inventory are on hand. Read the requirements Requirement 1. Delarmine the ending merchandise Inventory and coat of good said amounts for the December tinancial statormenta using the FIFO, LIFO, and weighted average rwantory coating methods. FO LIFO Ending inventory Cost of good old Requirement 2. Salon revenue for December totuled $20,000. Computo Jepson's gross profit for December nirgeach monod Weighted average 0.000 5,040 5.940 6.000 Weighted average 0.400 6400 FIFO Cost LO Cost Gross profit Enter any number in the edit fields and then click Check Answer parts Clear All emaining