Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 31 May 2017 My Price 12.00

Calculate cost of goods sold and ending inventory

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.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 May 2017 07:05 PM My Price 12.00

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