You have the following information for Van Gogh Inc. for the month ended October 31, 2017. Van Gogh 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 flow assumptions.

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Description Units 60 Unit Cost or Selling Price $24 26 35 27 40 29 40 Date Oct. Beginning inventory Oct. 9 Purchase Oct. Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale 100 100 60 70 110