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The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 790 units Beginning inventory 290 units @ $ 3 Purchases, in chronological order 310 units @ $ 4 430 units @ $6 220 units @ $7 Required: a.

The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 790 units Beginning inventory 290 units @ $ 3 Purchases, in chronological order 310 units @ $ 4 430 units @ $6 220 units @ $7 Required: a.

FINANCIAL ACCOUNTING
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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The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 790 units Beginning inventory 290 units @ $3 Purchases, in chronological order 310 units @ $ 4 430 units @ $6 220 units @ $ 7 Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted- average cost flow assumption is $12,700. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Transcribed Image Text:The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 790 units Beginning inventory 290 units @ $3 Purchases, in chronological order 310 units @ $ 4 430 units @ $6 220 units @ $ 7 Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted- average cost flow assumption is $12,700. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
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