Question
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 840 units Beginning inventory 220 units @ $
The following data are available for Sellco for the fiscal year ended on January 31, 2020:
| Sales | 840 | units | |||
| Beginning inventory | 220 | units | @ | $ | 3 |
| Purchases, in chronological order | 310 | units | @ | $ | 5 |
| 400 | units | @ | $ | 6 | |
| 230 | units | @ | $ | 8 | |
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.)
b. Assume that net income using the weighted-average cost flow assumption is $12,400. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
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Payroll Fraud Detection And Prevention Audit Expert System
Authors: Titus Oniyilo
1st Edition
136564345X, 978-1365643453
