The following data are available for SeIlco for the fiscal The following data are available for…

 
   

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The following data are available for SeIlco for the fiscal
The following data are available for SeIlco for the fiscal year ended on January 31, 2017:

Sales…………………………………………… 3,200 unts

Beginning inventory…………………………… 1,000 units @ $ 8

Purchases in chronological order………………. 1,200 units @ $ 10

1,600 units @ $ 12

800 units @ $ 16

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 $232.000. Calculate net income under FIFO and LIFO.

The following data are available for SeIlco for the fiscal