Solution-Calculate cost of goods sold and ending inventory

Calculate cost of goods sold and ending inventory

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Reference no: EM132549832

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 @ $..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 $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

Reference no: EM132549832

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Calculate cost of goods sold and ending inventory

Reference no: EM132549832

Reference no: EM132549832

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