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How do I find the Gross Profit Rate given this information? You have the following information for Waterway Inc. for the month ended June 30,

How do I find the Gross Profit Rate given this information?image text in transcribedimage text in transcribed

You have the following information for Waterway Inc. for the month ended June 30, 2022. Waterway uses a periodic inventory system. Unit Cost or Selling Price Date Description Quantity June 1 Beginning inventory 40 $51 June 4 Purchase 135 54 June 10 Sale 110 81 June 11 Sale return 15 81 June 18 Purchase 55 57 June 18 Purchase return 10 57 . June 25 Sale 65 87 June 28 Purchase 35 61 (a1) Your Answer Correct Answer (Used) Calculate cost per unit. (Round answer to 2 decimal places, eg. 5.25.) Weighted average cost per unit $ 55.02 (a2) Your Answer Correct Answer (Used) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average cost method answers to 2 decimal places, eg. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory $ 5,010 $ GA 5,510 $ 5,226.90 The cost of goods sold GA $ 9,020 GA $ 8,520 $ $ 8,803.10 Gross profit $ 4,330 $ 4,830 GA $ 4,546.90 (a3) Your answer is incorrect. Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, eg. 51.2%.) LIFO FIFO AVERAGE-COST Gross profit rate % % % e Textbook and Media Assistance Used Save for Later Attempts: 1 of 3 used Submit

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