You have the following information for Lily Inc. for the month ended June 30, 2022. Lily...

 

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You have the following information for Lily Inc. for the month ended June 30, 2022. Lily uses a periodic inventory system. Date June June 4 June June 10 Sale June 11 June 1 Beginning inventory Purchase June Description Sale return 18 Purchase 18 June 28 Purchase return 25 Sale Purchase Quantity 40 135 110 15 55 10 65 35 Unit Cost or Selling Price $60 63 90 90 66 66 96 70 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%.) Gross profit rate LIFO % FIFO % AVERAGE-COST % You have the following information for Lily Inc. for the month ended June 30, 2022. Lily uses a periodic inventory system. Date June June 4 June June 10 Sale June 11 June 1 Beginning inventory Purchase June Description Sale return 18 Purchase 18 June 28 Purchase return 25 Sale Purchase Quantity 40 135 110 15 55 10 65 35 Unit Cost or Selling Price $60 63 90 90 66 66 96 70 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%.) Gross profit rate LIFO % FIFO % AVERAGE-COST %