Problem 5-32 (Algo) Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO...
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Problem 5-32 (Algo) Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO 7, 8 The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales Beginning inventory Purchases, in chronological order 790 units 240 units @ $4 320 units @ $4 430 units @ $7 200 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): (Round unlt cost to 2 decimal places.) Cost of Goods Sold Ending Inventory FIFO LIFO Weighted average b. Assume that net income using the welghted average cost flow assumption is $14,900. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO
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