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a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profi t, and (iv) gross profi t rate under each of the following

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a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profi t, and (iv) gross profi t rate under each of the following methods.

i) FIFO

ii) Average-Cost

b) Compare results for the two cost fl ow assumptions.

P6.5 (LO 2) You are provided with the following information for Senta Ltd. for the month ended October 31,2020 . Senta uses a periodic method for inventory

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