B-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 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 (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