You are provided with the following information for Waterway Inc. for the month ending June 30, 2020. Waterway uses the periodic method for inventory.

Date				Description		Quantity		Unit Cost or Selling Price
June		1		Beginning inventory		42		$38
June		4		Purchase		139		41
June		10		Sale		105		72
June		11		Sale return		17		72
June		18		Purchase		54		44
June		18		Purchase return		10		44
June		25		Sale		67		77
June		28		Purchase		32		47

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			%			%

Answer rating: 100% (QA)

Computation of Total Sales Selling Price Product 7200 6336 7700 5159 11495 Net Units 88 67 ... View the full answer