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Calculate net income under FIFO and LIFO

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Reference no: EM132997050

Question - The following data are available for Sellco for the fiscal year ended on January 31, 2020:

Sales 780 units

Beginning inventory 210 units@ $3

Purchases, in chronological order 340 units @ $4 410 units @ $..s @ $8

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 $12,400. Calculate net income under FIFO and LIFO.

Reference no: EM132997050

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