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

Transcribed Image Text:

The following data are available for Sellco for the fiscal year ended on January 31, 2023: 790 units. 260 units $3 320 units @ $4 390 units @ $7 190 units @ $7 Sales Beginning inventory Purchases, in chronological order 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); b. Assume that net income using the weighted-average cost flow assumption is $15,700. 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. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory The following data are available for Sellco for the fiscal year ended on January 31, 2023: 790 units. 260 units $3 320 units @ $4 390 units @ $7 190 units @ $7 Sales Beginning inventory Purchases, in chronological order 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); b. Assume that net income using the weighted-average cost flow assumption is $15,700. 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. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory

Answer rating: 100% (QA)

Sellco Req a Cost of goods sold Ending Inventory FIFO 3950 3060 LIFO 5060 1950 Weighted Average 4519 ... View the full answer