You are provided with the following information for Pavey Inc. for the month ended October 31, 2010. Pavey 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.(b) Compare results for the three cost flowassumptions.

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Unit Cost or Selling Price $25 26 Units Date October 1 October 9 October 11 October 17 October 22 October 25 October 29 Description Beginning inventory 60 120 Purchase Sale 100 27 40 28 40 70 Purchase Sale Purchase Sale 60 80 80 110