Problem 5-32 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, 2017:
| Sales |
800 |
units |
|
|
|
| Beginning inventory |
290 |
units |
@ |
$ |
4 |
| Purchases, in chronological order |
320 |
units |
@ |
$ |
4 |
| |
440 |
units |
@ |
$ |
6 |
| |
210 |
units |
@ |
$ |
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.)
b. Assume that net income using the weighted-average cost flow assumption is $14,800. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)