The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales 840 units Beginning inventory 230 units @ $3 Purchases, in chronological order 300 units @ $4 Purchases, in chronological order 440 units @ $7 Purchases, in chronological order 230 units @ $8 Required: Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Assume that net income using the weighted-average cost flow assumption is $14,500. Calculate net income under FIFO and LIFO.
The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales 840 units Beginning inventory 230 units @ $3 Purchases, in chronological order 300 units @ $4 Purchases, in chronological order 440 units @ $7 Purchases, in chronological order 230 units @ $8 Required: Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Assume that net income using the weighted-average cost flow assumption is $14,500. Calculate net income under FIFO and LIFO.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
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The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales 840 units Beginning inventory 230 units @ $3 Purchases, in chronological order 300 units @ $4 Purchases, in chronological order 440 units @ $7 Purchases, in chronological order 230 units @ $8 Required: Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Assume that net income using the weighted-average cost flow assumption is $14,500. Calculate net income under FIFO and LIFO.
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