P6-5A You are provided with the following information for Pavey Inc. for the month ended October 31, 2010. Pavey uses a periodic method for inventory. Unit Cost or Selling Price $25 26 35 27 40 28 40 Date October 1 October 9 October 11 October 17 October 22 October 25 October 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units 60 120 100 70 60 80 110 Instructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (ii) gross profit, and (iv) gross profit rate under each of the following methods. (1) LIFO (2) FIFO. (3) Average-cost (b) Compare results for the three cost flow assumptions