Practice AA Company uses a periodic inventory system. At the end of the annual accounting period the accounting records provided the following information for product 1 : AA Sold 950 units for $15 each for total sales revenue of $14,250(950$15=$14,250). Determine the cost remaining in ending inventory and the cost of goods sold using FFO, UFO and weighted average: First in first out (FFO) Last in First out (uFO) Chapter 6 Page 6-5 Weighted Average cost Prepare the income statement for the company for each inventory valuation method assuming operating expenses are $5,000, income taxes are 3096 and there were no contra revenues