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.

(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?

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