You are provided with the following information for Senta Ltd. for the month ended October 31, 2017. Senta 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) FIFO.
(2) Average-cost.
(b) Compare results for the two cost flow assumptions.

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