The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 840 units Beginning inventory 250 units @ $ 4 Purchases, in chronological order 320 units @ $ 5 410 units @ $ 6 200 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.) b. Assume that net income using the weighted-average cost flow assumption is $12,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 840 units Beginning inventory 250 units @ $ 4 Purchases, in chronological order 320 units @ $ 5 410 units @ $ 6 200 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.) b. Assume that net income using the weighted-average cost flow assumption is $12,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 17GI

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