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Problem 5-32 Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO 7, 8
The following data are available for Sellco for the fiscal year ended on January 31, 2017:
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 $14,800. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
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