Practice Problem 1 You have the following information for Waterway Industries for the month ended October 31, 2017. Waterway Industries uses a periodic method for inventory. Date Units 54 Description Beginning inventory Purchase Sale Oct. 1 Oct. 9 Oct. 11 Oct. 17 132 108 Unit Cost or Selling Price $23 25 34 26 39 28 39 Purchase 103 Oct. 22 Sale 55 Purchase Oct. 25 Oct. 29 65 121 Sale Calculate the weighted average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to o decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ $ The cost of goods sold $ Gross profit $ $ LINK TO TEXT 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 % % % Click if you would like to Show Work for this question: Open Show Work