You have the following information for Vincent Inc. for the month ended October 31, 2014. Vincent uses a periodic method for inventory.

Date Description Units Unit Cost or Selling Price

Oct. 1 Beginning Inventory 60 $24

Oct. 9 Purchase 120 $26

Oct. 11 Sale 100 $35

Oct. 17 Purchase 100 $27

Oct. 22 Sale 60 $40

Oct. 25 Purchase 70 $29

Oct. 29 Sale 110 $40

Instructions:

(a) Calculate (i) ending inventory (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods.

1) LIFO

2)FIFO

3) Average-cost (Round cost per unit to three decimal places)

(b) Compare results for the three cost flow assumptions.