You have the following information for Waterway Inc. for the month ended June 30, 2022. Waterway uses a periodic inventory system.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, eg. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.)Calculate gross profit rate under each of the foliowing methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal ploce, eg. 51.2% eTextbook and Media Attempts: 0 of 2 used (b) Compare results for the three cost flow assumptions and answer the following questions: In this period of rising prices. gives the highest cost of goods sold and the aross profit gives the lowest cost of goods sold and the grossprofit.

1. You have the following information for Waterway Inc. for the month ended June 30, 2022.
Waterway uses a periodic inventory system.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, eg. 1,250.25 and other answers to 0 decimal places,
e.g. 1,250.)Calculate gross profit rate under each of the foliowing methods. (1) LIFO. (2) FIFO. (3)
Average-cost. (Round answers to 1 decimal ploce, eg. 51.2% eTextbook and Media Attempts: 0 of
2 used (b) Compare results for the three cost flow assumptions and answer the following
questions: In this period of rising prices. gives the highest cost of goods sold and the aross profit
gives the lowest cost of goods sold and the grossprofit