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. If Interior Designs uses the first-in, first-out (FIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? b) If Interior Designs uses the last-in, first-out (LIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?.
