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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Date purchases 8/1 Balance fwd 8/4 120 units @ S300 8/20 8/25 180 units $340 8/29 sales units on hand 80 200 60 240 13 140 units @ $510 110 units @ S590