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Flounder Limited stocks a variety of sports equipment for sale to institutions. The following stock record card for basketbals was taken from the records at the December 31,2020year end: Aphysical inventory on December 31, 2020, reveals that 100 basketbalis are in stock. The bookkeper informs you that all the discounts were taken. Assume that Flounder Limited uses a periodic inventory system and records purchases at their invoice price less discounts. During 2020 , the average sales price per basketball was $2225. Calculate the December 31,2020 imentory using the FIFO formula. (Round answer to 2 decimal ploces, e.g. 52.75.) Ending inventory 5 C.jculate the Dectmber 31. 2020 inveritory using the weithted average cost formula. Rownd weighted average cost per unit and the fonal answer to 2 decimal places, e.8. 52.75.1 Ending imentory 5 Textbook and Media Prepare income statements for the year ended December 31. 2020 , as fac as the "gross profit" ine under each of the FiFO and weightod averags thethods, and calculate the gross prect rate for each, (hound Gress profit rate to 1 decimal place, e. 5.2K and all ofhet ensweri to 2 decimal pldces, e.5.52.75.1 Gross profit rate Weighted Average $ Beginning inventory Cost of Goods Sold Ending Inventory Gross Profit/ (Loss) Purchases Sales. Gross profit rate %

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