Use the information provided in P10- 1 for Morocco Imports. For each of the three cost- flow assumptions (moving- average, FIFO, and LIFO methods):

a. Prepare a partial income statement up to the cost of goods sold section.
b. Compute the gross profit percentage.
c. Comment on the ranking of the gross profit percentages.

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Sales in Units Transaction Units Unit Cost Total Cost Eeginning inventory 1/1 35,000 $3.50 S 122,500 February 8 March 15 April 10 45.500 100,250 62,000 242,750 3.60 3.80 4.10 163,800 380,950 254,200 S 921,450 Subtotal Units Sold April 22 at $12 155,000 May 9 June 19 81.000 28.000 351,750 4.35 4.56 352,350 127690 $1,401,480 Subtotal Units Sold August 11 at $14 September 20 October 30 November 17 115,500 15,000 41,000 8,000 415,750 4.75 4.85 4.90 71.250 198,850 39,200 $1.710,780 Subtotal Units Sold December 21 at $16 21,500 415,750 (292.000) 123,750 Total available for sale Total units sold Fndina invantarv