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Cost flow assumptions-FIFO, LIFO, and weighted average using a peri- odic system The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales Beginning inventory Purchases, in chronological order a. 1,600 units 500 units @ $4 600 units @ $5 800 units @ $6 500 units @ $8 Required: Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system): 1. FIFO. 2. LIFO. 3. Problem 5.32 LO 7,8 Weighted average. Round the unit cost answer to two decimal places and ending inventory to the nearest $10. 2 b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO.

Cost flow assumptions-FIFO, LIFO, and weighted average using a periProblem 5.32 odic system The following data are available for Sellco for the fiscal year ended on LO 7,8 January 31, 2020: 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 $80,000. Calculate net income under FIFO and LIFO

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