The Devlin Corporation, a diversified distribution company, purchases cartons of canned tennis balls from the Questor Company and markets the balls under the Devlin brand name. Purchases and sales data for Devlin's first two quarters of business are shown below: Quarter 1 Sales 20,000 cartons at $52 per carton

Purchases

January 6,400 cartons at $25 February 10,100 cartons at $30 March 8,400 cartons at $34

Quarter 2 Sales 30,000 cartons at $60 per carton Purchases

April 9,000 cartons at $35 May 10,400 cartons at $40 June 6,800 cartons at $45

Problems 1.Calculate the Quarter 2 ending inventories (in dollars) using the LIFO inventory valuation method.
2.Calculate Quarter 2 GROSS PROFIT using the LIFO inventory valuation method.
3.Calculate the Quarter 2 ending inventories (in dollars) using the FIFO inventory valuation method.
4.Calculate Quarter 2 GROSS PROFIT using the FIFO inventory valuation method.

Finance