You have the following information for Crystal Inc. for the month ended May 31, 2014. Crystal uses a periodic method for inventory.

Unit Cost or Date Description Units Selling Price May 1 Beginning inventory 40 $20 May 6 Purchase 110 23 May 7 Sale 90 32 May 15 Purchase 70 25 May 18 Sale 40 37 May 24 Purchase 60 26 May 30 Sale 80 38 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.AppendixLO1