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, 2011:
Sales | 1,600 units |
Beginning inventory | 500 units @ $4 |
Purchases, in chronological order | 600 units @ $5 |
| 800 units @ $6 |
| 400 units @ $8 |
Required
a. Calculate cost of goods sold and ending inventory under the following cost-flow assumptions (using a periodic inventory system):
1. FIFO.
2. LIFO.
Weighted average. Round the unit cost answer to two decimal places and ending inventory to the nearest $10.
b. Assume that net income using the weighted-average cost-flow assumption is $58,000. Calculate net income under FIFO and LIFO.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.