You are provided with the following information for Aylesworth Inc. for the month ended October 31, 2012. Aylesworth uses a periodic method for inventory.

Instructions(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profi t, and (iv) gross profit rate under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost.(b) Compare results for the three cost flowassumptions.

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Unit Cost or Description Beginning inventory Purchase Sale Purchase Units Date October 1 October 9 October 11 October 17 October 22 October 25 October 29 Selling Price 60 120 100 70 $25 26 35 27 40 28 60 Sale Purchase Sale 80 110 40