P9-5A Assume the records of Drug Emporium include the following accounts for one of its products at December 31 of the current year: INVENTORY Jan. 1 Balance 300 units @ $3.00 100 units @ 3.15 1,215 PURCHASES Feb. 6 800 units $3.15 2.520 May 19 600 units @ 3.35 2,010 Aug. 12 460 units @ 3.50 1,610 Oct. 4 800 units @ 3.95 3,160 Dec. 31-Balance 9,300 SALES REVENUE Required 1. Prepare a panial income statement through gross profit under the weighted-average, FIFO, and LIFO cost methods. Round weighted-average cost to the nearest cent and all other amounts to the nearest dollar. Assume Drug Emporium uses a periodic inventors- system. 2. Which inventory method would you use to report the highest net inc