The following data are available for Sellco for the fiscal year ended on January 31, 2017: Sales Beginning inventory Purchases, in chronological order 840 units 210 units @s4 300 units 410 units 56 190 units $8 Required: a. Calculate cost of goods sold and ending inventory under the cost fow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory syslemk (Round unit sost e 2u Cost of Goods dold Ending Inventory FIFO LIFO Weighted averNge b. Assume that net ncome using the weighted-average cost flow assumption is $12.300. Calculate net inceme under FIFO and LIFO (Round et cost ne 2 decinatplen Net Income FIFO LIFO

The following data are available for Sellco for the fiscal year ended on January 31, 2017: Sales Beginning inventory Purchases, in chronological order 840 units 210 units @s4 300 units 410 units 56 190 units $8 Required: a. Calculate cost of goods sold and ending inventory under the cost fow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory syslemk (Round unit sost e 2u Cost of Goods dold Ending Inventory FIFO LIFO Weighted averNge b. Assume that net ncome using the weighted-average cost flow assumption is $12.300. Calculate net inceme under FIFO and LIFO (Round et cost ne 2 decinatplen Net Income FIFO LIFO

Name: The following data are available for Sellco for the fiscal yoar ended
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Description: The following data are available for Sellco for the fiscal yoar ended on January 31, 2017:SalesBeginning inventoryPurchases, in chronological order840 units210 units300 units410 units 56190 unitsRequired:a. Calcuiate cost of goods sold and ending in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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