For Month Ended August 31 Specific Identification FIFO Weighted Average LIFO Income Statement Sales + $ 6,050 4,582 1,468 450 1,018 $ 6,050 4,570 1,480 450 1,030 309 721 $ 6,050 4,730 1,320 450 870 $ 6,050 4,622 1,428 450 978 Cost of goods sold Gross profit Expenses Income before taxes Income tax expense (30%)....... Net income Balance Sheet Inventory . 305 261 293 $ 685 $ 713 $ 609 $1,408 $1,420 $1,260 $1,368 2 Knowledge Check 01 Complete each sentence by selecting the correct term using the drop-down list. During a period of regularly rising purchase costs, this method yields the highest reported cost of goods sold amount on the income statement Per Unit Inventory items Total Cost Total Market LCM Applied to items Units Cost Market Roadster Sprint Totals 20 10 $8,500 5,000 $7,000 6,000 $170,000 50,000 $220.000 $140,000 60,000 $ 140,000 50.000 $190,000 Journal entry worksheet