The record of sonic sound system inc include the following for cases of CD at December 31,2020:

Inventory

jan 1 balance 300 cases @300 121,500

100 Cases @ 315

may 19 purchase 600 cases @ 335 201,000

aug. 12 purchase 400 cases @350. 140,000

oct. 4 purchase 700 cases @$370 259,000

sales revenue

dec 31. 1800 cases 910,000

1. Prepare a partial income statement through gross profit under the weighted-average-cost and FIFO cots method assuming the periodic system is issued. Round weight-average cost per unit to four decimal places and all other amounts to the nearest dollar.

2. which inventory method would you use to report the highest net income.

explain why this method produces the highest report income