You have the following information for Crystal Inc. for the month ended May 31, 2014. Crystal uses a periodic method for inventory.

Instructions
(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round cost per unit to three decimal places.)
(b) Compare results for the three cost flowassumptions.

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Unit Cost or Selling Price $20 23 32 25 37 26 38 Date Description Units 40 110 90 70 40 60 80 May 1 Beginning inventory May 6 Purchase May 7Sale May 15 Purchase May 18 Sale May 24 Purchase May 30 Sale