AP6-5A (a) You have the following information for McHugh Inc. for the month ended October 31, 2010. McHugh uses a periodic method for inventory. Unit Cost or Date Description Units Selling Price Oct. 1 Beginning inventory 74 $31 Oct. 9 Purchase 148 32 Oct. 11 Sale 124 43 Oct. 17 Purchase 111 33 Oct. 22 Sale 74 49 Oct. 25 Purchase 99 36 Oct. 29 Sale 135 49 Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under each of the following methods. (When calculating average cost per unit round to 3 decimal places, e.g. 2.540. Round gross profit rate to 1 decimal place, e.g. 50.5 and all other answers to 0 decimal places, e.g. 5,550.) (1) LIFO. (2) FIFO. (3) Average cost. LIFO FIFO Average Cost Ending inventory $ $ $ Cost of goods sold $ $ $ Gross profit $ $ $ Gross profit rate % % % please explain everything why we put this and that