8-08.04 Basic "periodic" calculations for inventory, FIFO, LIFO, average cost 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-Chime 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?Gross profit estimation technique 8-08.09 Aurora Wedding Gowns was burglarized in May of 20X5. It is unclear how many dresses were stolen. Aurora and its insurance company are currently working to estimate the dollar value of the stolen goods in order to reach a financial settlement under the existing property insurance policy. Aurora's tax return prepared at the end of 20X4 revealed that the company ended 20X4 with a total inven- tory of $189,000. Aurora uses the same inventory accounting methods for tax and accounting purposes. The insurance company has contacted Aurora's suppliers and confirmed Aurora's claim that purchases for 20X5, prior to the date of the burglary, were $376,000. All inventory was purchased FOB destination. 20%5 sales taxes collected by Aurora and remitted to the state, prior to the date of the theft, were $48,000. The sales tax rate is 6% of sales. An inventory was taken immediately after the burglary, and the cost of dresses in stock was $123,000. Aurora consistently sells dresses at a gross profit margin of 45%. Use the gross profit method to estimate the dollar value of stolen dresses