Junoon Distribution markets CDs of the performing artist Bahadur Ali. At the beginning of October, Junoon had in beginning inventory 1103 CDs at $6.7 each. Junoon purchased Bahadur Ali 3634 CDs on Oct 3rd at $7.5, 4137 CDs on Oct 9th at $8.6, 2100 CDs on Oct 19th at $10.5 and 2121 CDs on Oct 25th at $11.3. Junoon sold 2123 CDs on Oct 4th, 2702 CDs on Oct 10th, 2754 CDs on Oct 20th and 2353 on Oct 26th.

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?Assuming that selling price was $ 20.9, determine gross profit and gross profit rate under the assumed cost flow methods using both the inventory systems.