Solution-Calculate net income under fifo and lifo

Calculate net income under fifo and lifo

Reference no: EM133121745

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

Sales	1,600 units
Beginning inventory	500 units @ $4
Purchases, in chronological order	600 units @ $5
	800 units @ $6
	500 units @ $8

Required -

a. Calculate cost of goods sold and ending inventory under the cost flow assumptions. FIFO, LIFO and weighted average?

b. Assume that net Income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO.

Reference no: EM133121745

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Calculate net income under fifo and lifo

Reference no: EM133121745

Reference no: EM133121745

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