****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

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
icon
Related questions
Topic Video
Question
****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

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage