Question 5 of 6 0.5/1 ill View Policies Show Attempt History Current Attempt in Progress You are provided with the following information for Najera Inc. for the month ended June 30, 2020. Najera uses the periodic method for inventory Date Quantity 40 Unit Cost or Selling Price $40 1 4 Description Beginning inventory Purchase Sale 135 10 110 11 June June June June June June June June Sale return Purchase 70 70 48 15 55 10 18 18 46 25 28 Purchase return Sale Purchase 65 30 75 50 (a 1) Your answer is correct. Attempts: 1 of 3 used (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, e.g. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate % % % eTextbook and Media Save for Later Attempts: 1 of 3 used Submit Answer (b) Compare the results for the three cost flow assumptions and answer the following questions. In this period of rising prices, LIFO gives the cost of goods sold and the gross profit. FIFC eTextbook and Media Save for Later Attempts: 0 of 3 used Submit