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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
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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2 8 02:33 16 The following data are available for Sellco for the fiscal year ended on January 31, 2023: 790 units 210 units # $4 340 units $4 420 unite $7 220 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.
Transcribed Image Text:2 8 02:33 16 The following data are available for Sellco for the fiscal year ended on January 31, 2023: 790 units 210 units # $4 340 units $4 420 unite $7 220 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.
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