The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory Purchases, in chronological order 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): b. Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net Income under FIFO and LIFO. 790 units 220 units@ $4 310 units @ $5 410 units @ $6 220 units @ $7 Complete this question by entering your answers in the tabs below. Required A Required B Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net income under FIFO and LIFO. Note: Round unit cost to 2 decimal places. FIFO LIFO Net Income < Required A Required B >

The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory Purchases, in chronological order 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): b. Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net Income under FIFO and LIFO. 790 units 220 units@ $4 310 units @ $5 410 units @ $6 220 units @ $7 Complete this question by entering your answers in the tabs below. Required A Required B Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net income under FIFO and LIFO. Note: Round unit cost to 2 decimal places. FIFO LIFO Net Income < Required A Required B >

Name: The following data are available for Sellco for the fiscal year ended
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Description: The following data are available for Sellco for the fiscal year ended on January 31, 2023:SalesBeginning inventoryPurchases, in chronological orderRequired:a. Calculate cost of goods sold and ending Inventory under the cost flow assumptions, FIFO, L

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...

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