Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2016, the following information was obtained from the inventory records: 
Definitions:
Compounded Quarterly
This is the procedure of determining interest by adding it to the original investment amount as well as the previously accumulated interest, performed every quarter.
Semi-Annual Period
A six-month time frame or duration, often used in the context of payments, compounding interest, or reporting intervals.
Compounded Monthly
Refers to the calculation of interest added to the principal of a deposit or loan based on a monthly cycle.
Quarterly Compounding
The process of calculating interest earned on an investment or loan every three months, leading to interest being earned on interest.
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