Question: Tatum needs help Problem 5-32 Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO 7,8 The following data are available for Selloo
Problem 5-32 Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO 7,8 The following data are available for Selloo for the fiscal year ended on January 31, 2017: 810 units 270 units $ 00 units 54 400 units $7 230 units es8 Beginning inventory Purchases, in chronological order Required: a. Calculate cost of goods sold and ending inventory under the cost ow assumptions, Firo, LiFO and Weighted average (using a periodi Invenory systemF (lound unit cost to 2 decimal places.) of Good FIFO LIFO Weighted average b. Assume that net income using the weighted-average cost flow assumption is $12,900. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO LIFO
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