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You have the following information for Skysong Inc. for the month ended October 31, 2022. Skysong uses a periodic method for inventory. Date Description Units

You have the following information for Skysong Inc. for the month ended October 31, 2022. Skysong uses a periodic method for inventory.

Date
Description
Units
Unit Cost or Selling Price
Oct. 1
Beginning inventory
54 $26
Oct. 9
Purchase
124 28
Oct. 11
Sale
109 37
Oct. 17
Purchase
104 29
Oct. 22
Sale
62 42
Oct. 25
Purchase
66 31
Oct. 29
Sale
107 42
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(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 3045 % 335.5 % 319.2 %

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