You have the following information for McHugh Inc. for the month ended October 31, 2010. McHugh uses a periodic method for inventory.
Unit Cost or
Date Description Units Selling Price
Oct. 1 Beginning inventory 74 $31
Oct. 9 Purchase 148 32
Oct. 11 Sale 124 43
Oct. 17 Purchase 111 33
Oct. 22 Sale 74 49
Oct. 25 Purchase 99 36
Oct. 29 Sale 135 49
Calculate ending inventory, cost of goods sold, gross profit, and gross profit rate under each of the following methods. (When calculating average cost per unit round to 3 decimal places, e.g. 2.540. Round gross profit rate to 1 decimal place, e.g. 50.5 and all other answers to 0 decimal places, e.g. 5,550.)
(1) LIFO.
(2) FIFO.
(3) Average cost.
LIFO FIFO Average Cost
Ending inventory $ $ $
Cost of goods sold $ $ $
Gross profit $ $ $
Gross profit rate % % %