Sales 1600 units Beginning Inventory 500 units @$4 purchases, in chronilogical o

Question

Sales 1600 units
Beginning Inventory 500 units @$4
purchases, in chronilogical order 600 units @$5
800 units @$6
400 units @$8

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 $58,000. Calculate net income under FIFO and LIFO.

Explanation / Answer

2. LIFO B.64000$ LIFO--59000$

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