You have the following information for Venus Inc. for the month ended June 30, 2007. Venus uses the periodic method for inventory.

Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 2D $60 June 4 Purchase 85 64 June 10 Sale 70 90 June 11 Sale return 5. 90 June 18 Purchase 40 68 June 18 Purchase return i> 68 June 25 Sale 50 95 June 28 Purchase 20 Le 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.