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View Policies Current Attempt in Progress Headlands Store uses a perpetual inventory system. Last year they reported the following results: Sales $1,000,000 Sales returns $32,000 Sales discounts $53,000 26 % Gross profit margin using FIFO Gross profit margin using weighted average Operating expenses 27 % $185,900 Prepare comparative income statements for both cost formulas. Headlands Store Condensed Income Statements FIFO Weighted average Headlands Store Condensed Income Statements FIFO Weighted average $ $ TI 10 Are prices rising or falling? Prices are Indicate, by using lower, for higher, and same, how, comparatively, the following income statement and balance sheets amounts will be impacted by the choice of inventory cost formula during a time of falling prices. FIFO Weighted average Cost of goods sold Gross profit and profit Ending inventory Owner's equity TA A 10 19 MacBook Air Indicate, by using lower, for higher, and same, how, comparatively, the following income statement and balance sheets amounts will be impacted by the choice of inventory cost formula during a time of falling prices. FIFO Weighted average Cost of goods sold Gross profit and profit Ending inventory Owner's equity Cash flow Save for Later Attempts: 0 of 5 used Submit 11 -A 10 19