The following data are available for Sellco for the fiscal year ended on January 31, 2023: 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 $15,600. Calculate net Income under FIFO and LIFO. 790 units 220 units@ $4 310 units @ $5 410 units @ $6 220 units @ $7 Complete this question by entering your answers in the tabs below. Required A Required B Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net income under FIFO and LIFO. Note: Round unit cost to 2 decimal places. FIFO LIFO Net Income < Required A Required B >
The following data are available for Sellco for the fiscal year ended on January 31, 2023: 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 $15,600. Calculate net Income under FIFO and LIFO. 790 units 220 units@ $4 310 units @ $5 410 units @ $6 220 units @ $7 Complete this question by entering your answers in the tabs below. Required A Required B Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net income under FIFO and LIFO. Note: Round unit cost to 2 decimal places. FIFO LIFO Net Income < Required A Required B >
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
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 $15,600. Calculate net income under FIFO and LIFO.
790 units
220 units @ $4
310 units @ $5
410 units @ $6
220 units @ $7
Complete this question by entering your answers in the tabs below.
Required A Required B
Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net income under FIFO and
LIFO.
Note: Round unit cost to 2 decimal places.
FIFO
LIFO
Net Income
< Required A
Required B >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0820ea24-d641-4eb3-9ad5-40c6d2ab6348%2Fe6c31151-b3f3-4227-a7b2-21b210114584%2Fqcfa38d_processed.png&w=3840&q=75)
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
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 $15,600. Calculate net income under FIFO and LIFO.
790 units
220 units @ $4
310 units @ $5
410 units @ $6
220 units @ $7
Complete this question by entering your answers in the tabs below.
Required A Required B
Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net income under FIFO and
LIFO.
Note: Round unit cost to 2 decimal places.
FIFO
LIFO
Net Income
< Required A
Required B >
![The following data are available for Sellco for the fiscal year ended on January 31, 2023:
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 $15,600. Calculate net Income under FIFO and LIFO.
790 units
220 units@ $4
310 units @ $5
410 units@ $6
220 units@ $7
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 to 2 decimal places.
FIFO
LIFO
Weighted average
Cost of Goods Sold
Ending Inventory
< Required A
Required B >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0820ea24-d641-4eb3-9ad5-40c6d2ab6348%2Fe6c31151-b3f3-4227-a7b2-21b210114584%2Fgfpz8w_processed.png&w=3840&q=75)
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
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 $15,600. Calculate net Income under FIFO and LIFO.
790 units
220 units@ $4
310 units @ $5
410 units@ $6
220 units@ $7
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 to 2 decimal places.
FIFO
LIFO
Weighted average
Cost of Goods Sold
Ending Inventory
< Required A
Required B >
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