How much of the gross profit under FIFO is illusionary in comparison with the gross profit under LIFO? You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory. (a) 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. Average-cost. (Round cost per unit to three decimal places.) Compare results for the three cost flow assumptions