Problem 6-03A Waterway Industries had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 690 units at Aug. 12 462 units at $10 $8 $9 May 5 548 units at Dec. 8 100 units at $11 Waterway uses a periodic inventory system. Sales totaled 1,500 units. * Your answer is incorrect. Try again. Determine the cost of goods available for sale. X The cost of goods available for sale Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) X Average Cost 9552 Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods sold SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO * Your answer is incorrect. Try again. Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? results in the lowest inventory amount for the balance sheet. results in the lowest cost of goods sold for the income statement. Click if you would like to Show Work for this question: Open Show Work