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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

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 enter the gross profit rate as per LIFO in percentage%

enter the gross profit rate as per FIFO in percentage%

enter the gross profit rate as per Average-cost in percentage%

Date

Description

Units

Unit Cost or Selling Price

Oct. 1Beginning inventory56$23Oct. 9Purchase12225Oct. 11Sale9034Oct. 17Purchase10826Oct. 22Sale5539Oct. 25Purchase6728Oct. 29Sale11339

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