Jal Distribution markets CDs of the performing artist Bahadur Ali. At the beginning of October, Jal had in beginning inventory 1111 CDs at $6.1 each. Junoon purchased Bahadur Ali 3635 CDs on Oct 3rd at $8.3, 4119 CDs on Oct 9th at $9.1, 2197 CDs on Oct 19th at $9.7 and 2120 CDs on Oct 25th at $11.2. Jal sold 2123 CDs on Oct 4th, 2713 CDs on Oct 10th, 2761 CDs on Oct 20th and 2392 on Oct 26th.

Part A - Under periodic inventory system, calculate (1) Cost of goods available for sale; (2) ending inventory in units (3) ending inventory value using FIFO, LIFO and Average methods; (4) Cost of goods sold under FIFO, LIFO and Average methods, (5) Prove cost of goods sold. (6) Which cost flow method results in (i) the highest inventory amount for the balance sheet and (ii) the highest cost of goods sold for the income statement?

Part B - Under perpetual inventory system, calculate (1) ending inventory value using FIFO, LIFO and Average methods; (2) Cost of goods sold under FIFO, LIFO and Average methods; (3) Which cost flow method results in (i) the highest inventory amount for the balance sheet and (ii) the highest cost of goods sold for the income statement?

Part C - Assuming that selling price was $ 20.3, determine gross profit and gross profit rate under the assumed cost flow methods using both the inventory systems.