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

Sales $1,600$ units

Beginning inventory $500$ units @ $$4$

Purchases, in chronological order $600$ units @ $$5$

Purchases, in chronological order $800$ units @ $$6$

Purchases, in chronological order $500$ units @ $$8$

A$.$ 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.

B$.$Assume that net income using the weighted$-$average cost flow assumption is $$80,000.$ Calculate net income under FIFO and LIFO.

Note: Round unit cost to $2$ decimal places.

Answer rating: 100% (QA)

A Calculating Cost of Goods Sold COGS and Ending Inventory 1 FIFO FirstIn FirstOut COGS Beginning In... View the full answer