Jill Hansen owns Interior Designs, a furniture store. One of her most popular items is a leather… 1 answer below »

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. (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?

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