You are provided with the following information for Matthew Inc. for the month ended October 31, 2014. Matthew uses a periodic method for inventory.

Unit Cost or Date Description Units Selling Price October 1 Beginning inventory 60 $24 October 9 Purchase 120 26 October 11 Sale 100 35 October 17 Purchase 70 aT October 22 Sale 65 40 October 25 Purchase 80 28 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.

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