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You are provided with the following information for Waterway Inc. for the month ending June 30, 2020. Waterway uses the periodic method for inventory. Date

You are provided with the following information for Waterway Inc. for the month ending June 30, 2020. Waterway uses the periodic method for inventory.

Date

Description

Quantity

Unit Cost or
Selling Price

June1Beginning inventory42$38
June4Purchase13941
June10Sale10572
June11Sale return1772
June18Purchase5444
June18Purchase return1044
June25Sale6777
June28Purchase3247

Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.)

LIFO

FIFO

AVERAGE-COST

Gross profit rate

%

%


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Computation of Total Sales Selling Price Product 7200 6336 7700 5159 11495 Net Units 88 67 ... blur-text-image

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