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Accounting

The following data are available for Sellco for the fiscal year ended on January 31, 2014:

Sales 810 units

Beginning inventory 260 units @$ 3

Purchases, in chronological order 330 units@$ 4

400 units@$ 6

190 units@$ 8

a) Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)

b) Assume that net income using the weighted-average cost-flow assumption is $12,100. Calculate net income under FIFO and LIFO. (Round your unit cost to 2 decimal places.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9278115

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