Novak 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 31,2023 year end: A physical inventory on December 31, 2023, reveals that 100 basketballs are in stock. The bookkeeper informs you that all the discounts were taken. Assume that Novak uses a periodic inventory system and records purchases at their invoice price less discounts. During 2023, the average sales price per basketball was $22.25. Prepare income statements for the year ended December 31,2023 , 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.)