# Calculate cost of goods sold and ending inventory under the following cost-flow assumptions (using a periodic inventory system):

01 / 10 / 2021 Assignment

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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.

International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

Company # 11483120

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