Question
The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory 760 units 270 units $3
The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory 760 units 270 units $3 Purchases, in chronological order 330 units $4 410 units @ $7 220 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): b. Assume that net income using the weighted-average cost flow assumption is $15,000. 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 to 2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory Required B
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