The following data are available for Sellco for the fiscal year ended on January 31,2020...
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Accounting
The following data are available for Sellco for the fiscal year ended on January 31,2020 : Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $16,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
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