Problem 8-5 Martinez 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 Date Number Jan. 1 balance 15 10624 Mar. 15 11437 Units Received 94 60 60 Unit Invoice Cost $20 20 16 Gross Invoice Amount $1,880 1,200 960 Terms Net 30 Net 30 1/5, net 30 1/10, net 30 1/10, net 30 1/10, net 30 June 20 21332 85 15 1,275 Sept. 12 27644 78 12 936 Nov. 24 31269 72 11 792 Totals 449 $7,043 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 Martinez 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 $ LINK TO TEXT LINK TO TEXT Calculate the December 31, 2020 inventory using the weighted average cost formula. (Round weighted average cost per unit and the final answer to 2 decimal places, e.g. 52.75.) Ending inventory $ LINK TO TEXT LINK TO TEXT 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 e $ Gross profit rate %