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The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 800 units Beginning inventory 230 units @ $
The following data are available for Sellco for the fiscal year ended on January 31, 2020:
Sales | 800 | units | |||
Beginning inventory | 230 | units | @ | $ | 3 |
Purchases, in chronological order | 330 | units | @ | $ | 5 |
410 | units | @ | $ | 6 | |
210 | units | @ | $ | 8 | |
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.)
Assume that net income using the weighted-average cost flow assumption is $15,100. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
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