The following data are available for Sellco for the fiscal year ended on January 31,...

The following data are available for Sellco for the fiscal year ended on January 31, 2017:


Sales	770	units
Beginning inventory	240	units	@	$	3
Purchases, in chronological order	320	units	@	$	4
	400	units	@	$	7
	220	units	@	$	7

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 $13,400. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

	Net Income
FIFO
LIFO

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Expert Solution

ekkarill92 answered 1 year ago

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