goods sold, gross profit, and gross profit rate under periodic method: compare results. P6.5 (LO 2) You are provided with the following information for Senta Lid for the month ended October 31, 2020. Senta uses a periodic method for inventory. Unit Cost or Date Description Units Selling Price October 1 Beginning inventory 60 24 October 9 Purchase 26 October 11 Sale 100 35 October 17 Purchase 40 October 22 Sale 28 October 25 Purchase 120 October 29 Sale 120 27 80 a. (iii) Gross profit: FIFO 3,470 Average 3,395 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. FIFO. 2. Average-cost. b. Compare results for the two cost flow assumptions