The inventory records of Jeremiah Company reveals the following data for the month of October, 20XX Date Description Units Unit cost or Selling price Oct 1 Beginning inventory 60 S24 Oct 9 Purchase 120 26 Oct 11 Sale 100 35 Oct 17 Purchase 70 27 Oct 22 Sale 65 40 Oct 25 Purchase 80 28 Oct 29 Sale 120 40 Instructions: 1. Calculate each of the following under FIFO and Average-cost methods assuming the company is following periodic inventory system. a) Cost of ending inventory b) Cost of goods sold c) Gross profit d) Gross profit rate Date Description Units Unit Cost CGAS Total units available for sale Sales revenue Date Total sales Units Unit Price 1. FIFO a) Cost of ending inventory b) Cost of goods sold c) Gross profit d) Gross profit rate