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Natalie is busy establishing both divisions of her business $($cookie classes and mixer sales$)$ and completing her business degree. Her

goals for the next $11$ months are to sell one mixer per month and to give two to three classes per week.

The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shipping

costs in the negotiated purchase price $($mixers will be shipped FOB destination$).$ Assume that Natalie has decided to use a periodic

inventory system and now must choose a cost flow assumption for her mixer inventory.

The following transactions occur in February to May $2022.$

Feb. $2$ Natalie buys two deluxe mixers on account from Kzinski Supply Co$.$ for $$1,250($$$625$ each$),$ FOB destination, terms n$/30.$

$16$ She sells one deluxe mixer for $$1,150$ cash.

$25$ She pays the amount owed to Kzinski.

Mar. $2$ She buys one deluxe mixer on account from Kzinski Supply Co$.$ for $$643,$ FOB destination, terms n$/30.$

$30$ Natalie sells two deluxe mixers for a total of $$2,300$ cash.

$31$ She pays the amount owed to Kzinski.

Apr. $1$ She buys two deluxe mixers on account from Kzinski Supply Co$.$ for $$1,274($ $$637$ each$),$ FOB destination, terms n$/30.$

$13$ She sells three deluxe mixers for a total of $$3,450$ cash.

$30$ Natalie pays the amounts owed to Kzinski.

May $4$ She buys three deluxe mixers on account from Kzinski Supply Co$.$ for $$1,950($ $$650$ each$),$ FOB destination, terms n$/30.$

$27$ She sells one deluxe mixer for $$1,150$ cash.Question $1$ of $1$

$\frac{25}{{503}^i}-=$

$($b$)$

Your answer is incorrect.

Calculate $($i$)$ ending inventory, $($ii$)$ cost of goods sold, $($iii$)$ gross profit, and $($iv$)$ gross profit rate under each of the following methods: LIFO, FIFO, and average cost. $($Round average cost per unit to $3$ decimal places, e$.$g$.2\mathrm{.}225.$ Round gross profit rate to $2$ decimal places, e$.$g$.25\mathrm{.}22\%.$ Round all other answers to $0$ decimal places, e$.$g$.2,525.)$

Attempts: $1$ of $3$ used