The Beautifully Fabulous Beauty Salon (BFBS) purchases its inventory from a manufacturer in California. BFBS has a high-selling product called Beauty Gloss. During the year, BFBS disclosed the following information concerning the inventory:

January 1, 2019	Beginning Inventory	245 units	$27.00 per unit
March 31, 2019	Purchase of Inventory	360 units	$29.00 per unit
June 30, 2019	Purchase of Inventory	1000 units	$32.00 per unit
September 30, 2019	Sales of Inventory	1447 units

Analyze the above data using the LIFO and FIFO methods. Open the following Excel spreadsheet (FIFO VS. LIFO ANALYSIS) and fill in the table of BFBSs Inventory and Cost of Goods Sold (COGS) analysis.

Discuss the measurements used to recognize the amounts recorded in the Inventory and Cost of Goods Sold and the impact of Net Income.