r provided with the following information for Guillaume Inc. for the month ended ou are P June 30, 2016. Guillaume uses the periodic method for inventory Date Description ?uantity Unit Cost or Selling Price June 1 Beginning inventory June 4 Purchase June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase 40 135 110 15 $40 70 70 46 46 75 50 10 65 30 Instructions (a) Calculate (i) ending inventory, (ii) cost of goods sold, (ii) gross profit and (iv) gros profit rate under each of the follows methods. Show all work (1) LIFO (2) FIFO (3) Average cost Solution # Extra Credit 1) LIFO METHOD-ENDING INVENTORY