Ayayai Limited stocks a variety of sports equipment for sale to institutions. The following stock record card for basketballs was taken from the records at the December 31, 2020 year end:

Date		Invoice Number			Terms			Units Received				Unit Invoice Cost			Gross Invoice Amount
Jan. 1		balance			Net 30				116			$20				$2,320
15		10624			Net 30				70			20				1,400
Mar. 15		11437			1/5, net 30				75			16				1,200
June 20		21332			1/10, net 30				105			15				1,575
Sept. 12		27644			1/10, net 30				98			12				1,176
Nov. 24		31269			1/10, net 30				88			11				968
		Totals							552							$8,639

A physical inventory on December 31, 2020, reveals that 100 basketballs are in stock. The bookkeeper informs you that all the discounts were taken. Assume that Ayayai Limited uses a periodic inventory system and records purchases at their invoice price less discounts. During 2020, the average sales price per basketball was $22.25.

Prepare income statements for the year ended December 31, 2020, as far as the "gross profit" line under each of the FIFO and weighted average methods, and calculate the gross profit rate for each. (Round Gross profit rate to 1 decimal place, e.g. 5.2% and all other answers to 2 decimal places, e.g. 52.75.) FIFO $ $ $ Gross profit rate % Weighted Average $ $ $ Gross profit rate %