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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.
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. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.225.) Compare the results for the three cost flow assumptions and answer the following questions. In this period of rising prices, gives the highest cost of goods sold and the gross profit. gives the lowest cost of goods sold and the gross profit. Average-cost gives results that fall those for LIFO and FIFO. Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods: (1) LIFO, (2) FIFO, and (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. eTextbook and Media 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\%.)
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