You have the following information for Waterway Inc. for the month ended June 30, 2022. Waterway uses a periodic inventory system. Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 40 $51 June 4 Purchase 135 June 10 Sale 110 June 11 Sale return 15 June 18 Purchase 55 June 18 Purchase return 10 June June 28 225 Sale 65 Purchase 35 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, eg. 1,250.25 and other answers to O decimal places, e.g. 1,250) LIFO The ending inventory $ The cost of goods sold $ Gross profit $ FIFO AVERAGE-COST $ $ (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%) (b) LIFO Gross profit rate % eTextbook and Media Save for Later FIFO % Compare results for the three cost flow assumptions and answer the following questions. AVERAGE-COST % Attempts: 0 of 2 used Submit Answer In this period of rising prices, gives the lowest cost of goods sold and the gives the highest cost of goods sold and the gross profit gross profit