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The following data are available for Sellco for the fiscal year ended on January 31,2023:...

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Accounting

The following data are available for Sellco for the fiscal year ended on January 31,2023:
Sales 750 units
Beginning inventory 240 units @ $4
Purchases, in chronological order 350 units @ $4
Purchases, in chronological order 420 units @ $6
Purchases, in chronological order 240 units @ $7
Required:
Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system):
Assume that net income using the weighted-average cost flow assumption is $14,000. Calculate net income under FIFO and LIFO.

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