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Calculate net income under FIFO and LIFO

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Reference no: EM133149224

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

Sales 750 units

Beginning inventory 280 units @ $4

Purchases, in chronological order 310 units @ $5

420 units @ $7

230 units @ $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).

b. Assume that net income using the weighted-average cost flow assumption is $12,700. Calculate net income under FIFO and LIFO.

Reference no: EM133149224

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