Sheffield 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 Number Units Received Unit Invoice Cost Gross Invoice Amount Date Terms Jan. 1 balance Net 30 110 $20 $2,200 15 10624 Net 30 70 20 1,400 Mar. 15 11437 1/5, net 30 70 16 1,120 June 20 21332 1/10, net 30 100 15 1,500 Sept. 12 27644 1/10, net 30 92 12 1,104 Nov. 24 31269 1/10, net 30 84 11 924 Totals 526 $8,248 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 Sheffield 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. 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, eg. 5.2% and all other answers to 2 decimal places, e.g. 52.75.) FIFO Sales 9478.5 Cost of Goods Sold Beginning Inventory $ 2,200 i Purchases Less Ending Inventory 1104.84 i Gross Profit/(Loss) $ Gross profit rate % 10.1 Weighted Average Sales $ 9478.5 Cost of Goods Sold Beginning Inventory V 2,200 i Purchases Less V Ending Inventory 1559 i Gross Profit/(Loss) $ Ol Gross profit rate % hool and Media