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	800	units
Beginning inventory	290	units	@	$	4
Purchases, in chronological order	320	units	@	$	4
	440	units	@	$	6
	210	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 $14,800. Calculate net income under FIFO and LIFO.(Round unit cost to 2 decimal places.)

Net Income

FIFO

LIFO