10. ransactions for the month of October were:

Purchases Sales

Oct. 1 (balance) 2,000 @ $3.20 Oct. 2 900 @ $7.00

3 3,700 @ 3.10 6 2,400 @ 7.00

7 1,400 @ 3.30 9 1,400 @ 7.00

15 2,600 @ 3.40 10 500 @ 7.00

22 1,850 @ 3.50 18 2,000 @ 7.00

25 400 @ 7.00

Using the periodic inventory system, please answer the following questions:

1. What are the number of units in ending inventory and what are the number of units in Cost of Goods Sold?

2. What are the ending inventory balance and Cost of Goods Sold amount using the average cost method?

3. What are the ending inventory balance and Cost of Goods Sold amount using the FIFO method?

4. What are the ending inventory balance and Cost of Goods Sold amount using the LIFO method?

5. Given the data above, compute the gross profit for both the FIFO and LIFO methods.