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 method for inventory.

Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under periodic method; compare results.

$\backslash$table$[[$Date$,$Description,Units,Unit Cost or Selling Price$],[$Oct$.1,$Beginning inventory,$60,$$$24],[$Oct$.9,$Purchase,$120,26],[$Oct$.11,$Sale,$100,35],[$Oct$.17,$Purchase,$100,27],[$Oct$.22,$Sale,$60,40],[$Oct$.25,$Purchase,$70,29],[$Oct$.29,$Sale,$110,40]]$

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.

LIFO.

FIFO.

Average$-$cost$.($Round cost per unit to three decimal places.$)$

Gross profit:

$\backslash$table$[[$LIFO$,$$$2,970$