You have the following information for Benton Inc. for the month ended October 31, 2007. Benton uses a periodic method for inventory.

Unit Cost or Date Description Units Selling Price October 1 Beginning inventory 60 $25 October 9 Purchase 120 aT October 11 Sale 100 a5 October 17 Purchase 90 28 October 22 Sale 60 40 October 25 Purchase 80 29 October 29 Sale 120 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.

(1) LIFO.

(2) FIFO.

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

(b) Compare results for the three cost flow assumptions.