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What will the July 31 alarm clock inventory amount and the four months' cost of goods be if the Maple Shop uses the periodic inventory method and (a) average cost (b) FIFO (c) LIFO?

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On March 31, the Maple Shop had no alarm clocks on hand. During the next four months it first purchased 50 clocks for $13 each, and then 75 more for $12 each. During these four months, 100 alarm clocks were sold.

What will the July 31 alarm clock inventory amount and the four months' cost of goods be if the Maple Shop uses the periodic inventory method and (a) average cost (b) FIFO
(c) LIFO?

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Computations done in excel for your study.

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