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28 Sep 2019
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?
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?
Irving HeathcoteLv2
28 Sep 2019