The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales Beginning inventory Purchases, in chronological order 800 units 260 units @$ 4 340 units @$ 5 440 units @$ 6 190 units @$ 8 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.) Cost of Goods Sold Ending Inventory FIFO LIFO Weighted average b. Assume that net income using the weighted-average cost flow assumption is $14,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO LIFO

The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales Beginning inventory Purchases, in chronological order 800 units 260 units @$ 4 340 units @$ 5 440 units @$ 6 190 units @$ 8 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.) Cost of Goods Sold Ending Inventory FIFO LIFO Weighted average b. Assume that net income using the weighted-average cost flow assumption is $14,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO LIFO

Name: ### Inventory Data for Sellco (Fiscal Year Ended January 31, 2020)- *
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Description: ### Inventory Data for Sellco (Fiscal Year Ended January 31, 2020)- **Sales:** 800 units- **Beginning Inventory:** - 260 units @ $4- **Purchases (Chronological Order):** - 340 units @ $5 - 440 units @ $6 - 190 units @ $8### Required:**a. Calcul

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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