Can you please help me with this question

E8.11(LO3)(Compute FIFO and Average-CostPeriodic)The following information is related to radios for the Couples Company for the month of July.

Date

Transaction

Units In

Units Cost

Total

Units Sold

Selling Price

Total

July

1

Balance

100

$4.10

$ 410

6

Purchase

800

4.30

3,440

7

Sale

300

$7.00

$ 2,100

10

Sale

300

7.30

2,190

12

Purchase

400

4.51

1,804

15

Sale

200

7.40

1,480

18

Purchase

300

4.60

1,380

22

Sale

400

7.40

2,960

25

Purchase

500

4.58

2,290

30

Sale

200

7.50

1,500

Totals

2,100

$9,324

1,400

$10,230

Instructions

a.Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Ignore taxes.)

1.FIFO.

2.Weighted-average.

b.Answer the following questions.

1.Which of the methods used above will yield the highest figure for gross profit for the income statement? Explain why.

2.Which of the methods used above will yield the highest figure for ending inventory for the statement of financial position? Explain why.