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Calculate cost of goods sold and ending inventory under the


Question - The following data are available for Sellco for the fiscal year ended on January 31, 2017:

Sales 810units  

Beginning inventory 270units @$4  

Purchases, in chronological order 310units@$4  430units@$7   2..s@$7

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 unit cost to 2 decimal places.)

What is the weighted average cost of ending inventory?

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Accounting Basics: Calculate cost of goods sold and ending inventory under the
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