Problem 5-34 (Algo) Cost flow assumptionsFIFO, LIFO, and weighted average using a periodic system LO 5-7, 5-8

The following data are available for Sellco for the fiscal year ended on January 31, 2023:

Sales	810 units
Beginning inventory	290 units @ $4
Purchases, in chronological order	320 units @ $5
Purchases, in chronological order	420 units @ $7
Purchases, in chronological order	200 units @ $8

Required:

Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system):

Assume that net income using the weighted-average cost flow assumption is $12,400. Calculate net income under FIFO and LIFO.

Complete this question by entering your answers in the tabs below.

Required A

Required B

Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost to 2 decimal places.

	Cost of Goods Sold	Ending Inventory
FIFO
LIFO
Weighted average

Complete this question by entering your answers in the tabs below.

Required A

Required B

Assume that net income using the weighted-average cost flow assumption is $12,400. Calculate net income under FIFO and LIFO. Note: Round unit cost to 2 decimal places.

	Net Income
FIFO
LIFO