3.

Question:

The following data are available for Sellco for the fiscal year ended on January 31, 2014:

Sales	800	units
Beginning inventory	280	units	@	$	4
Purchases, in chronological order	340	units	@	$	5
	440	units	@	$	7
	230	units	@	$	7

Required:

(a)	Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)

Cost of good sold	ending inventory
FIFO: __________________
LIFO:_________________
Weighted Average:_________________________

(b)	Assume that net income using the weighted-average cost-flow assumption is $14,000. Calculate net income under FIFO and LIFO. (Round your unit cost to 2 decimal places.)

Net Income
Fifo: _________________
LIFO: ____________________