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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.)
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Gary Whitmore is a high school sophomore. He currently has $7,500 in a money market account paying 5.65 percent annually. He plans to use this and his savings over the next four years to buy a car at the end of his sophomore year in college.
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