The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 790 units Beginning inventory 290 units @ $ 3 Purchases, in chronological order 310 units @ $ 4 430 units @ $6 220 units @ $7 Required: a.
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 790 units Beginning inventory 290 units @ $ 3 Purchases, in chronological order 310 units @ $ 4 430 units @ $6 220 units @ $7 Required: a.
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 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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![The following data are available for Sellco for
the fiscal year ended on January 31, 2020: Sales
790 units Beginning inventory 290 units @ $3
Purchases, in chronological order 310 units @ $
4 430 units @ $6 220 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 $12,700.
Calculate net income under FIFO and LIFO.
(Round unit cost to 2 decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7be1bef2-77c6-46ad-ae76-fae184ecff15%2Fca587bf2-3b8c-4ada-97a8-66ff607b227e%2Flfaisvd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following data are available for Sellco for
the fiscal year ended on January 31, 2020: Sales
790 units Beginning inventory 290 units @ $3
Purchases, in chronological order 310 units @ $
4 430 units @ $6 220 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 $12,700.
Calculate net income under FIFO and LIFO.
(Round unit cost to 2 decimal places.)
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