Show Attempt History Swifty Distribution markets CDs of the performing artist Unique. At the beginning of October, Swifty had in beginning inventory 1,640 of Unique's CDs with a unit cost of $7. During October, Swifty made the following purchases of Unique's CD Oct. 3 2,050 CD $8 Oct. 19 2,460 @ $10 Oct. 9 2.870 @ $9 Oct. 25 3,280 e $11 During October, 8.938 units were sold. Swifty uses a periodic inventory system. TUUL Answer Correct Answer X Your answer is incorrect. Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average-cost), (Round answers to decimal places, eg. 1.250.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods sold $ $ Your Answer Correct Answer * Your answer is incorrect. Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? (1) produces the highest inventory amount. $ (2) produces the highest cost of goods sold, $ Question 6 of 8 -73 You are provided with the following information for Waterway Inc for the month ended June 30, 2022 Waterway uses the periodic method for inventory system. Date Unit Cost or Selling Price Quantity Description Beginning inventory June 1 40 $43 June 4 Purchase 135 46 June 10 Sale 110 78 June 11 Sale return 15 78 June 18 Purchase 55 48 June 18 Purchase return 10 48 June 25 Sale 63 83 June 28 Purchase 35 51 Calculate weighted average unit cost. (Round answer to 3 decimal places, eg. 5.225.) $ Weighted average unit cost Calculate ending inventory.cost of goods sold, and gross proht under each of the following methods: (1) LIFO (2) FIFO, and (3) average-cost. (Round average-cost method answers to 2 decimal places, es. 1.250.25 and other answers to decimal places, ex. 1,250) LIFO FIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ $ Gross profit $ $ Calculate gross profit rate under each of the following methods: (1) LIFO. (2) FIFO and (3) average-cost (Round answers to 1 decimal place, e.g. 51.2%) LIFO FIFO AVERAGE COST Gross profit rate % % % e Textbook and Media Compare the results for the three cost flow assumptions and answer the following questions. gross profit In this period of rising prices, gives the highest cost of goods sold and the gives the lowest cost of goods sold and the gross profit those for LIFO and FIFO. Average-cost gives results that fall