**I JUST NEED THE LAST PART ABOUT GROSS PROFIT RATE You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 70 $26 Oct. 9 Purchase 125 28 Oct. 11 Sale 95 40 Oct. 17 Purchase 95 29 Oct. 22 Sale 70 45 Oct. 25 Purchase 80 31 Oct. 29 Sale 105 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $28.50 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The Ending Inventory 2660 2660 2850 The cost of goods sold 7895 7495 7695 Gross Proft 3780 4180 3980 * I JUST NEED THIS PART*** 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 enter a gross profit rate in percentages rounded to 1 decimal place % enter a gross profit rate in percentages rounded to 1 decimal place % enter a gross profit rate in percentages rounded to 1 decimal place

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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****I JUST NEED THE LAST PART ABOUT GROSS PROFIT RATE****

You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory.

Date	Description	Units	Unit Cost or Selling Price
Oct. 1	Beginning inventory	70	$26
Oct. 9	Purchase	125	28
Oct. 11	Sale	95	40
Oct. 17	Purchase	95	29
Oct. 22	Sale	70	45
Oct. 25	Purchase	80	31
Oct. 29	Sale	105	45

Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average cost per unit

$28.50

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.

(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)

	LIFO	FIFO	AVERAGE-COST
The Ending Inventory	2660	2660	2850
The cost of goods sold	7895	7495	7695
Gross Proft	3780	4180	3980

***** I JUST NEED THIS PART*****

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		enter a gross profit rate in percentages rounded to 1 decimal place	%		enter a gross profit rate in percentages rounded to 1 decimal place	%		enter a gross profit rate in percentages rounded to 1 decimal place

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