Question
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales1,600unitsBeginning inventory500units@$4Purchases, in chronological order600units@$5800units@$..s@$8 Required: a. Calculate cost
The following data are available for Sellco for the fiscal year ended on January 31, 2020:
Sales1,600unitsBeginning inventory500units@$4Purchases, in chronological order600units@$5800units@$..s@$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 $80,000. Calculate net income under FIFO and LIFO.(Round unit cost to 2 decimal places.)
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