Part A and B. The bolded numbers on the left are the correct answers.

P6-5B You have the following information for Crystal Inc. for the month ended May Calculate ending inventory, cost of goods 31,2014. Crystal uses a periodic method for inventory sold, gross profit, and gross profit rate under periodic method compare results. Unit Cost or Selling Price Date May 1 May 6 May 7 May 15 May 18 May 24 May 30 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Quantity 40 110 90 70 40 60 80 23 32 25 37 26 38 (LO 2), AP Instructions (a) Calculate ) ending inventory, (i) cost of goods sold, (ili)gross profit, and (iv) (a) Gross profit: LIFO $2,250 FIFO Average $2,420 gross profit rate under each of the following methods. (1) LIFO (2) FIFO (3) Average-cost. (Round cost per unit to three decimal places.) $2,570 (b) Compare results for the three cost flow assumptions