You are provided with the following information for Matthew Inc. for the month ended October 31, 2014. Matthew uses a periodic method for inventory.

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.
(b) Compare results for the three cost flowassumptions.

Transcribed Image Text:

Unit Cost or Date October Beginning inventory October 9 Purchase October Salc October 17 Purchase October 22 Salc October 25 Purchase October 29 Salc Description Units Selling Price 60 120 100 70 65 80 120 $24 26 35 27 40 28 40