Problem 5-32 Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO 7, 8

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

Sales	840	units
Beginning inventory	220	units	@	$	4
Purchases, in chronological order	290	units	@	$	4
	440	units	@	$	6
	230	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.)

Problem 5-32 Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO 7, 8Cost of Goods Sold

Ending Inventory

FIFO

$?

$?

LIFO

$4,930

$1,360

Weighted average

$4,478

$?

b.Assume that net income using the weighted-average cost flow assumption is $14,800. Calculate net income under FIFO and LIFO.(Round unit cost to 2 decimal places.)Net Income

FIFO

$15,133

LIFO

$14,383