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 August 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - --------80 August 4- -------120 units @ 300 each - - - -- - - - - ----------- - - - - - - - - - - - - - - --------- 200 August 20- - - - - - - - - - -- - - - - - ----------- - - -140 units @ $510 each - - -------------------- 60 August 25- - - -180 units @ $ 340 each - - - - - - - - - - - - - - - - - - - - -- - - - -----------------240 August 29- - - - - - - - - - - - - - - - - - - - - -- - - - 110 units @$ 590 each - ------------------ - 130 (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? WORKSHEET a) FIFO Beginning Inventory $ Plus: Purchases __________ Cost of Goods Available for Sale Less: Ending Inventory _________ Cost of Goods Sold $ Sales $ Cost of Goods Sold _________ Gross Profit $ b) LIFO Beginning Inventory $ Plus: Purchases __________ Cost of Goods Available for Sale Less: Ending Inventory _________ Cost of Goods Sold $ Sales $ Cost of Goods Sold _________ Gross Profit $ C) Weighted-Average Beginning Inventory $ Plus: Purchases __________ Cost of Goods Available for Sale Less: Ending Inventory _________ Cost of Goods Sold $ Sales $ Cost of Goods Sold _________ Gross Profit $
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.
August 1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - --------80
August 4- -------120 units @ 300 each - - - -- - - - - ----------- - - - - - - - - - - - - - - --------- 200
August 20- - - - - - - - - - -- - - - - - ----------- - - -140 units @ $510 each - - -------------------- 60
August 25- - - -180 units @ $ 340 each - - - - - - - - - - - - - - - - - - - - -- - - - -----------------240
August 29- - - - - - - - - - - - - - - - - - - - - -- - - - 110 units @$ 590 each - ------------------ - 130
(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?
WORKSHEET
a) FIFO
Beginning Inventory $
Plus: Purchases __________
Cost of Goods Available for Sale
Less: Ending Inventory _________
Cost of Goods Sold $
Sales $
Cost of Goods Sold _________
Gross Profit $
b) LIFO
Beginning Inventory $
Plus: Purchases __________
Cost of Goods Available for Sale
Less: Ending Inventory _________
Cost of Goods Sold $
Sales $
Cost of Goods Sold _________
Gross Profit $
C) Weighted-Average
Beginning Inventory $
Plus: Purchases __________
Cost of Goods Available for Sale
Less: Ending Inventory _________
Cost of Goods Sold $
Sales $
Cost of Goods Sold _________
Gross Profit $
 alt="Worksheet 1
a) FIFO
b) LIFO
Beginning Inventory
Plus: Purchases
Cost of Goods Available for Sale
Less: Ending Inventory
Cost of Goods Sold
Sales
Cost of Goods Sold
Gross Profit
Beginning Inventory
Plus: Purchases
Cost of Goods Available for Sale
Less: Ending Inventory
Cost of Goods Sold
Sales
Cost of Goods Sold
Gross Profit
C) Weighted-Average
Beginning Inventory
Plus: Purchases
Cost of Goods Available for Sale
Less: Ending Inventory
Cost of Goods Sold
Sales
Cost of Goods Sold
Gross Profit
TI TUTT
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