Please assist with the Sellco Inc project below.
The following data are available for Sellco for the fiscal year ended on January 31, 2014:
Sales 810 units
Beginning inventory 260 units @$ 3
Purchases, in chronological order 330 units @$ 4
400 units @$ 6
190 units @$ 8
(a) Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
(b) Assume that net income using the weighted-average cost-flow assumption is $12,100. Calculate net income under FIFO and LIFO. (Round your unit cost to 2 decimal places.)
This solution shows how to calculate the cost of goods sold, ending inventory amounts, and net income of Sellco Inc. using different systems.