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The following data are available for Sellco for the fiscal year ended on January 31, 2023: 800 units 280 units $3 330 units @ $5 400 units @ $6 220 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 $13,300. Calculate net income under FIFO and LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost to2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory

The following data are available for Sellco for the fiscal year ended on January 31, 2023: 800 units 280 units $3 330 units @ $5 400 units @ $6 220 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 $13,300. Calculate net income under FIFO and LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost to2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory

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, 2023: Sales Beginning inventory Purchases, in chronological order 800 units 280 units @ $3 330 units @ $5 400 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): b. Assume that net income using the weighted-average cost flow assumption is $13,300. Calculate net income under FIFO and LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost tor2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory
Transcribed Image Text:The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory Purchases, in chronological order 800 units 280 units @ $3 330 units @ $5 400 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): b. Assume that net income using the weighted-average cost flow assumption is $13,300. Calculate net income under FIFO and LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost tor2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory
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