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Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system The following data are available for Sellco for the fiscal year ended on January 31, 2014:
Units
Unit Price
$
Sales
3,200
Beginning Inventory
1,000
$4.00
$4,000
Purchases -in date order
1,200
$5.00
$6,000
1,600
$6.00
$9,600
800
$8.00
$6,400
Required:
a. Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system):
1. FIFO.
Purchases
$22,000
Available
4,600
$26,000
Ending Inventory (1,000 +3,600 less 3,200) = 1,400
$0
2. LIFO
3. Weighted average. Round the unit cost answer to two decimal places and ending inventory to the nearest $10.
Weighted Average
Cost of Goods sold-3,200 units
Ending Inventory
b. Assume that net income using the weighted-average cost flow assumption is $116,000. Calculate net income under FIFO and LIFO.
Weighted Average proofIncomeCGSSales valueFIFO IncomeSalesCGSNet IncomeLIFO IncmeSalesCGSNet Income
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