The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales Beginning inventory Purchases, in chronological order 780 units 270 units 310 units @ $4 @54 @ $7 410 units 220 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.)

The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales Beginning inventory Purchases, in chronological order 780 units 270 units 310 units @ $4 @54 @ $7 410 units 220 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.)

Name: Foc The following data are available for Sellco for the fiscal year en
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Description: Foc The following data are available for Sellco for the fiscal year ended on January 31, 2020:SalesBeginning inventoryPurchases, in chronological orderFIFOLIFOWeighted averageRequired:a. Calculate cost of goods sold and ending Inventory under the cos

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Foc

The following data are available for Sellco for the fiscal year ended on January 31, 2020:
Sales
Beginning inventory
Purchases, in chronological order
FIFO
LIFO
Weighted average
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.)
780 units
270 units
FIFO
LIFO
310 units
410 units
@ $4
@ $4
@ $7
220 units @ $8
Cost of Goods Sold Ending Inventory
b. Assume that net income using the weighted-average cost flow assumption is $12,600. Calculate net Income under FIFO and LIFO.
(Round unit cost to 2 decimal places.)
Net Income

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