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Calculating COGS and inventory values using different systems

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.)

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Solution Summary

This solution shows how to calculate the cost of goods sold, ending inventory amounts, and net income of Sellco Inc. using different systems.