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Jill Hansen owns Interior Designs, a furniture store. One of hermost popular items is a leather recliner.

Following is the recliner inventory activity for August. Therecliners on hand at August 1 had a unit cost of $280.

Date purchases sales units on hand
8/1 Balance fwd. 80
8/4 120 units @ $300 200
8/20 140 units @ $510 60
8/25 180 units @ $340 240
8/29 110 units @ $590 13

If Interior Designs uses the first-in, first-out (FIFO)inventory method and periodic approach, what values would beassigned to ending inventory, cost of goods sold and grossprofit?

If Interior Designs uses the last-in, first-out (LIFO)inventory method and periodic approach, what values would beassigned to ending inventory, cost of goods sold and grossprofit?

If Interior Designs uses the weighted-average inventorymethod and periodic approach, what values would be assigned toending inventory, cost of goods sold and gross profit?

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Irving Heathcote
Irving HeathcoteLv2
28 Sep 2019

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