The following data are available for Sellco for the fiscal year ended on January 31, 2023: 790 units 210 units $4 340 units $4 $7 420 unite 220 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 $13,400. Calculate net income under FIFO and LIFO.
The following data are available for Sellco for the fiscal year ended on January 31, 2023: 790 units 210 units $4 340 units $4 $7 420 unite 220 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 $13,400. Calculate net income under FIFO and LIFO.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 64E: ( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data...
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