Question: Hey everyone, I could use some help understanding how to find the LIFO, FIFO, and the Average-Cost. The corrected answer for the Average-Cost Per Unit
Hey everyone, I could use some help understanding how to find the LIFO, FIFO, and the Average-Cost. The corrected answer for the Average-Cost Per Unit is included, but please explain how to get that. Thank you for any help provided to help me understand how to work this!


You have the following information for Waterway Inc. for the month ended June 30, 2022. Waterway uses a periodic inventory system. Unit Cost or Selling Price Date Description Quantity June 1 Beginning inventory 40 $51 June 4. Purchase 135 54 June 10 Sale 110 81 June 11 Sale return 15 81 June 18 Purchase 55 57 June 18 Purchase return 10 57 . June 25 Sale 65 87 June 28 Purchase 35 61 (a1) Your Answer Correct Answer (Used) Calculate cost per unit. (Round answer to 2 decimal places, eg. 5.25.) Weighted average cost per unit $ 55.02 (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 decimal places, eg. 1,250.) LIFO FIFO AVERAGE-COST The ending inventory CA $ $ $ A The cost of goods sold $ $ $ Gross profit $ $ $ e Textbook and Media Assistance Used e Textbook Attempts: 0 of 3 used Submit Answer Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes
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