You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a periodic inventory system.

Date				Description		Quantity			Unit Cost or Selling Price
June		1		Beginning inventory		40			$ 29
June		4		Purchase		135			32
June		10		Sale		110			59
June		11		Sale return		15			59
June		18		Purchase		55			34
June		18		Purchase return		10			34
June		25		Sale		65			65
June		28		Purchase		35			38

(a1)

Your answer is incorrect.

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

Weighted-average cost per unit

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

(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 0 decimal places, e.g. 1,250.)

		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

(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.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	%

(b)

Compare results for the three cost flow assumptions and answer the following questions.

In this period of rising prices, (select an option Average-cost/FIFO/LIFO) gives the highest cost of goods sold and the (select an option lowest/highest) gross profit. (select an option LIFO/FIFO/Average-cost) gives the lowest cost of goods sold and the (select an option lowest/highest) gross profit.