Weighted-average inventory method and periodic approach

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Jill Hansen owns Interior Designs, a furniture store. One of her most popular items is a leather recliner. Following is the recliner inventory activity for August. The recliners 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 @ $590 130 Required: 1) If Interior Designs uses the first-in, first-out (FIFO) inventory method and periodic approach, what values would be assigned to ending inventory, cost of goods sold and gross profit? 2) If Interior Designs uses the last-in, first-out (LIFO) inventory method and periodic approach, what values would be assigned to ending inventory, cost of goods sold and gross profit? 3) If Interior Designs uses the weighted-average inventory method and periodic approach, what values would be assigned to ending inventory, cost of goods sold and gross profit?

Reference no: EM131014127

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