The following data are available for sellco for the fiscal, Ask an Expert

Accounting

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.

3. 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.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9748086

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