You have the following information for Oriole Inc. for the month ended June 30, 2022 Oriole uses a periodic Inventory system Unit Cost or Selling Price Date Quantity Description Beginning inventory June 1 40 $34 June 4 Purchase 135 37 June 10 Sale 110 64 June 11 Sale return 15 64 June 18 Purchase 55 40 June 18 Purchase return 10 40 June 25 Sale 65 70 June 28 Purchase 35 44 11) Your Answer Correct Answer Your answer is incorrect. alculate cost per unit. (Round answer to 2 decimal places, eg, 5.25.) Veighted average cost per unit $ 53.606 Textbook and Media Assistance US Solution Assistance U (a2) 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 O decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory $ $ $ $ The cost of goods sold Gross profit $ $ $ e Textbook and Media Save for Later Attempts: 0 of 2 used Submit Answer (a3) Calculate gross profit rate under each of the following methods. (1) LIFO (2) FIFO (3) Average cost. (Round answers to 1 decimal place, e s. 51.2%) LIFO FIFO AVERAGE-COST Gross pront rate 96 % e Textbook and Media Save for Later Attempts: 0 of 2 used Submit Answer . Your answer is correct, compare results for the three cost flow assumptions and answer the following questions. this period of rising prices, LIFO gives the highest cost of goods sold and the lowest FIFO gives the lowest cost of goods sold and the highest gross profit Textbook and Media