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Please solve this equation and include the steps. The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sale
Please solve this equation and include the steps.
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sale Beginning inventory Purchases, in chronological order 810 units 290 units #53 300 unita 34 390 units 56 230 units 28 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): (Round unit cost to 2 decimal places.) Cost of Goods Sold Ending Inventory FIFO LIFO Weighted average b. Assume that net income using the weighted average cost flow assumption is $15,500. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net income FIFO LIFOStep by Step Solution
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