jill hansen owns interior designs a furniture store one of hermost popular items is 4283373
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?