Pearl Store uses a perpetual inventory system. Last year they reported the following results: Sales $ 990,000 Sales returns $ 16,000 $ Sales discounts $41.000 Gross profit margin using FIFO 29 % Gross profit margin using weighted average 30 % Operating expenses $ 212.570 Prepare comparative income statements for both cost formulas. Pearl Store Condensed Income Statements FIFO Weighted average Pearl Store Condensed Income Statements FIFO Weighted average $ e Textbook and Media Are prices rising or falling? Prices are e Textbook and Media Indicate, by using lower, for higher, and same, how comparatively, the following income statement and balance sheets amounts will be impacted by the choice of inventory cost formula during a time of falling prices. FIFO Weighted average Cost of goods sold Grass profit and profit Ending inventory Owner's equity vo Cash flow