Your Answer Correct Answer (Used) 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 4,535 The cost of goods sold 8,220 Gross profit FIFO 5,035 AVERAGE-COST 4,751.90 7,720 8,003.10 4,330 4,830 4,546.90 (a3) Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, eg. 51.2%) Gross profit rate Tauthaal and handla LIFO FIFO AVERAGE-COST 96 96 96