P$6\mathrm{.}5$A $($LO $2),$ AP You have the following information for Van Gogh Inc. for the month ended October $31,2022.$ Van Gogh uses a periodic inventory system 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 weighted$-$average unit cost to three decimal places.$)$

a$.$ Gross profit:

LIFO $\backslash (\backslash$quad $\backslash$$ $2,970\backslash )$

FIFO $\backslash (\backslash$quad $\backslash$$ $3,310\backslash )$

Average $\backslash (\backslash$quad $\backslash$$ $3,133\backslash )$

b$.$ Compare results for the three cost flow assumptions.

Compare specific identification, FIFO, and LIFO under a periodic inventory system; use cost flow assumption to influence gross profit.