The following summarized data were provided by the records of Slate Inc. for the year ended December 31, 2020: Sales of merchandise for cash Sales of merchandise on credit Cost of sales Selling expenses Administrative expenses Sales returns and allowances Bad debt expense Items not included in the above amounts: Average income tax rate, 30% Number of common shares outstanding, 5,000 $220,000 32,000 147,000 40,200 19,000 7,000 800 Required: 1. Based on these data, prepare a multiple-step statement of earnings (showing both gross profit/(loss) and earnings from operations). (Round "Earnings per share" to 2 decimal places.) SLATE, INC. Statement of Earnings For the Year Ended December 31, 2020 0 Required: 1. Prepare statements of earnings under the FIFO and weighted-average costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar.) Statement of Earnings (Partial) Inventory Costing Method Weighted Units FIFO Average Sales revenue Cost of sales: Beginning inventory Purchases Cost of goods available for sale 0 0 Ending inventory Cost of sales 0 0 0 Gross profit 0 0 Expenses (operating) Pretax earnings 0 ol Income tax expense Net earnings $ 0 $ 2-a. Which method, FIFO or weighted average cost, is preferable in terms of net earnings? FIFO Weighted-average cost 2-b. Which method, FIFO or weighted average cost, is preferable in terms of cash flow? FIFO Weighted average cost