Adriaan Taylor Corporation is a newly formed entity that engages in the purchase and resale of amphibious tour vehicles. Purchases for the first year of operation were as follows:

(a) If Adriaan Taylor uses the first-in, first-out (FIFO) inventory method (perpetual approach), what values would be assigned to ending inventory and cost of goods sold?

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

(c) If Adriaan Taylor uses the weighted-average inventory method (perpetual approach), what values would be assigned to ending inventory and cost of goods sold?

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Date Transactions Amounts 1-Jan 20-Feb 15-Mar 16-Jun 31-Jul 3-Aug 4-Aug Beginning Inventory Sales Purchases Purchases Sales Purchases Sales 50 units @ $15 each 20 units @ $20 each 70 units @ $16each 30 units @ $16.50 each 80 units @ $21 each 90 units @ $17 each 80 units @ $25 each Date Transactions Amounts 1-Jan 20-Feb 15-Mar 16-Jun 31-Jul 3-Aug 4-Aug Beginning Inventory Sales Purchases Purchases Sales Purchases Sales 50 units @ $15 each 20 units @ $20 each 70 units @ $16each 30 units @ $16.50 each 80 units @ $21 each 90 units @ $17 each 80 units @ $25 each