You are provided with the following information for Web Inc. for the month ended

You are provided with the following information for Web Inc. for the month ended June 30 2010.Web uses the periodic method for inventory.DateDescriptionQuantityUnit Cost orSelling PriceJune 1June 4June 10June 11June 18June 18June 25June 28Beginning inventoryPurchaseSaleSale returnPurchasePurchase returnSalePurchase401351101555106530$ 4044707046467550Instructions(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 flow assumptions.