Question: prepare comparative income statement for both cost formulas. and also are price falling or rising Sweet Acacia Store uses a perpetual inventory system. Last year

prepare comparative income statement for both cost formulas. and also are price falling or rising

Sweet Acacia Store uses a perpetual inventory system. Last year they reported the following results. Sales $1.060,000 Sales returns $18,000 Sales discounts $57.000 Gross profit margin using FIFO 30 % Gross profit margin using weighted average 31 9% Operating expenses $239.500 Prepare comparative income statements for both cost formulas

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