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