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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?
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 SubmitStep by Step Solution
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