View Policies Current Attempt in Progress Waterway Store uses a perpetual inventory system. Last year they reported the following results: Sales $1,000,000 Sales returns $ 14,000 Sales discounts $ 52,000 Gross profit margin using FIFO 27 %6 Gross profit margin using weighted average 28 % Operating expenses $ 205,180 (a) Prepare comparative income statements for both cost formulas. Waterway Store Condensed Income Statements FIFO Weighted average $