You are provided with the following information for Pina Colada Inc. for the month ended June 30, 2019. Pina Colada uses the periodic system for inventory.

Date				Description		Quantity		Unit Cost or Selling Price
June		1		Beginning inventory		40		$40
June		4		Purchase		138		44
June		10		Sale		107		70
June		11		Sale return		13		70
June		18		Purchase		53		46
June		18		Purchase return		10		46
June		25		Sale		63		75
June		28		Purchase		26		50

Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)

Weighted-average cost per unit

$enter Weighted-average cost per unit in dollars rounded to 2 decimal places

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, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)

		LIFO		FIFO		AVERAGE-COST
The ending inventory		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 2 decimal places
The cost of goods sold		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 2 decimal places
Gross profit		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 2 decimal places

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		enter percentages rounded to 1 decimal place	%		enter percentages rounded to 1 decimal place	%		enter percentages rounded to 1 decimal place	%

Compare the results for the three cost flow assumptions and answer the following questions. In this period of rising prices, LIFO gives the select an option lowesthighest cost of goods sold and the select an option lowesthighest gross profit. FIFO gives the select an option lowesthighest cost of goods sold and the select an option highestlowest gross profit.