Ruston Company had 600 units in inventory at the beginning of November, each assigned a $10 unit cost. Ruston also made the following purchases of inventory and sales of inventory during November.

Purchases during November

Nov 6 175 units at $11

Nov 14 250 units at $12

Nov 16 500 units at $13

Nov 28 325 units at $14

Sales in November

Nov 4 375 units sold for $20

Nov 8 200 units sold for $20

Nov 17 400 units sold for $20

Nov 24 320 units sold for $20

		Purchase			Sales
DATE	Activity	Number Units	Unit Cost	Total Purchase	Number Units	Unit Sales Price	Total Sales
11-1	Beginning Inventory	600	$10	$6,000	--		--
11-4	SALE	--		--	375	$20	$7,500
11-6	Purchase	175	$11	$1,925	--		--
11-8	SALE	--		--	200	$20	$4,000
11-14	Purchase	250	$12	$3,000	--		--
11-16	Purchase	500	$13	$6,500	--		--
11-17	SALE	--		--	400	$20	$8,000
11-24	SALE	--		--	320	$20	$6,400
11-28	Purchase	325	$14	$4,550	--		--

Instructions

Compute the April 30 ending inventory and April cost of goods sold as well as the amount of reported gross profit under the different cost flow assumptions and inventory tracking systems. Please provide calcuations.

METHOD	ENDING INVENTORY	COST OF GOODS SOLD	GROSS PROFIT
(a) Average cost, periodic
(b) Average cost, perpetual
(c) FIFO, periodic
(d) FIFO, perpetual
(e) LIFO, periodic
(f) LIFO, perpetual