Patterson Inc. ended June with 25 tables on hand at a cost of $595 each. The company uses the periodic inventory system and now must choose a cost flow assumption for her table inventory.

The following transactions occur in July to October 2022.

Jul. 2 Purchased 10 tables on account for $6,000 ($600 each), FOB destination, terms n/30.

16 Sold 15 tables for $16,500 cash.

25 Paid the amount owed to the supplier.

Aug. 2 Purchased 15 tables on account for $618 each, FOB destination, terms n/30.

30 Sold 9 tables for a total of $9,900 cash.

31 Paid the amount owed to the supplier.

Sep. 1 Purchased 5 tables on account for $3,060 ($612 each), FOB destination, terms n/30.

13 Sold 10 tables for a total of $12,100 cash.

30 Paid the amounts owed to the supplier.

Oct, 4 Purchased 8 tables on account for $5,000 ($625 each), FOB destination, terms n/30.

27 Sold 6 tables for $6,600 cash.

Required (Show all your calculations):

1. 1. Journalize the Transactions (remember that the company uses the periodic inventory system)
   2. Determine the cost of goods available for sale. Recall that at the end of June, there were 25 tables on hand at a cost of $595 each.
   3. Calculate the ending inventory under the LIFO, FIFO, and average cost methods,
   4. Calculate the cost of goods sold under the LIFO, FIFO, and average cost methods,
   5. Calculate the gross profit under the LIFO, FIFO, and average cost methods, and
   6. Calculate the gross profit rate under the LIFO, FIFO, and average cost methods