The following data are available for Sellco for the fiscal year ended on January 31, 2023: 790 units 210 units $4 340 units $4 $7 420 unite 220 units $7 Sales Beginning inventory. Purchases, in chronological order 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): b. Assume that net income using the weighted-average cost flow assumption is $13,400. Calculate net income under FIFO and LIFO.

The following data are available for Sellco for the fiscal year ended on January 31, 2023: 790 units 210 units $4 340 units $4 $7 420 unite 220 units $7 Sales Beginning inventory. Purchases, in chronological order 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): b. Assume that net income using the weighted-average cost flow assumption is $13,400. Calculate net income under FIFO and LIFO.

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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