Date				Description		Quantity		Unit Cost or Selling Price
June		1		Beginning inventory		40		$42
June		4		Purchase		138		47
June		10		Sale		111		67
June		11		Sale return		13		67
June		18		Purchase		56		48
June		18		Purchase return		10		48
June		25		Sale		65		72
June		28		Purchase		25		52

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%.)

Compare the 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 thegross profit.

..gives the lowest cost of goods sold and the..gross profit.