Bashful Ltd. began business on January 1 and sells high performance motor scooters. The company purchased nine high speed scooters at the following dates and acquisition costs:

Purchase Date Units Unit Cost Total Cost

Jan 1 3 $4,150 $12,450

Jan 22 3 4,650 13,950

Mar 3 3 4,850 14,550

9 $40,950

On April 23, Bashful sold four of these scooters to Snow White Inc. for $7,500 each. No other sales have been made. Bashful uses a periodic inventory system.

Required:

Compute the ending inventory value at April 30, 2022 and the cost of goods sold through this date under each of the periodic costing procedures

Average cost

FIFO

Calculate the gross profit and the gross profit percentage under each of the costing methods.