Ali Express Corp. shows the following inventory information for the month of April:
April 1 Inventory 150 units @ $4
April 9 Purchased 550 units @ $4.50
April 17 Purchased 350 units @ $4.75
April 30 Purchased 300 units @ $5
Total sales in April were $9500 at a price of $10 per unit.
Problem 1: Calculate the ending inventory, COGS and Gross profit under FIFO, LIFO and AVCO, assuming that the company uses periodic inventory system.