The following data are available for Sellco for the fiscal year ended on January 31, 2023: Required:
Question:
The following data are available for Sellco for the fiscal year ended on January 31, 2023:
Required:
a. Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system):
1. FIFO.
2. LIFO.
3. Weighted average. Round the unit cost answer to two decimal places and ending inventory to the nearest $10.
b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO.
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a b The effect on net income will be the difference between the cost of goods sold as computed under ...View the full answer
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