Reference no: EM13978295

Patti Devine owns Devine Decorating. One of her most popular items is the Remind-a-Chime digital clock. This programmable clock issues "voice-based" reminders of important events like birthdays, anniversaries, etc.

Following is the Remind-a-Clock inventory activity for January. The clocks on hand at January 1 had a unit cost of $140.

Date	Purchases	Sales	Units on Hand
1-Jan			40
5-Jan	60 units @ $150 each		100
16-Jan		70 units @ $255 each	30
23-Jan	90 units @ $170 each		120
28-Jan		55 units @ $295 each	65

(a) If Devine uses the first-in, first-out (FIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?

(b) If Devine uses the last-in, first-out (LIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?

(c) If Devine uses the weighted-average inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?