Problem 8-5 Bramble 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: Invoice Units Unit Invoice Gross Invoice Date Number Terms Received Cost Amount Jan. 1 balance Net 30 120 $20 $2,400 15 10624 Net 30 70 20 1,400 Mar. 15 11437 1/5, net 30 80 16 1,280 June 20 21332 1/10, net 110 30 15 1,650 Sept. 27644 1/10, net 100 12 12 30 1,200 Nov. 24 31269 1/10, net 92 11 1,012 30 Totals 572 $8.942 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 Bramble Limited uses a periodic inventory system and records purchases at their invoice price less discounts. During 2020, the average sales price per basketball was $22.25. Calculate the December 31, 2020 inventory using the FIFO formula, (Round answer to 2 decimal places, e.g. 52.75.) Ending inventory$ 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 %