PRINTER VERSION Question 2 Presented below is information related to radios for the Couples Company for the month of July. Units sold Selling Price Total Units In 100 800 Unit Cost $4.10 4.30 Total $410 3,440 300 300 $7.00 7.30 $2,100 2,190 400 Date Transaction July 1 Balance 6 Purchase 7 Sale 10 Sale 12 Purchase 15 Sale 18 Purchase 22 Sale 25 Purchase 30 Sale Totals 4.51 1,804 200 7.40 1.480 300 4.60 1,380 400 7.40 2,960 500 4.58 2,290 7.50 200 1,400 2,100 $9,324 1,500 $10,230 Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. FIFO Weighted average Answer the following questions. (1) Which of the methods used above will yield the highest figure for gross profit for the income statement? (2) Which of the methods used above will yleld the highest figure for ending Inventory for the statement of financial position