Park Company reported the following March purchases and sales data for its only product. Units Sold at Retail Units Acquired at Cost 250 units @ $9.00 = $2,250 Date Activities 4 Beginning Mar. 1 inventory Mar. 10 Sales Mar. 20 Purchase Mar. 25 Sales Mar. 30 Purchase 320 units 190 units @ $8.00 = @ $7.00 = 2,560 1,330 140 units @$17.00 245 units @$17.00 Totals 760 units $6,140 385 units Park uses a perpetual inventory system. For specific identification, ending inventory consists of 375 units, where 190 are from the March 30 purchase, 80 are from the March 20 purchase, and 105 are from beginning inventory. 1. Complete comparative income statements for the month of January for Park Company for the four inventory methods. Assume expenses are $2,600, and that the applicable income tax rate is 35%. (Round per unit costs to three decimal places. Round your answers to the nearest dollar amounts. Input all amounts as positive values. Omit the "S" sign in your response.) PARK COMPANY Income Statements For Month Ended March 31 Specific Weighted Identification Average cost FIFO Sales Cost of goods sold Gross profit Expenses Profit before taxes Profit tax expense Net profit 2. Which method yields the highest net profit? O Weighted average cost O FIFO Specific identification 3. If costs were rising instead of falling, which method would yield the highest net profit? FIFO Weighted average cost Specific identification