Consider the following information for Maynor Company, which uses a periodic inventory system: ...
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Accounting
Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction
Units
Unit Cost
Total Cost
January 1
Beginning Inventory
19
$
69
$
1,311
March 28
Purchase
29
75
2,175
August 22
Purchase
38
79
3,002
October 14
Purchase
43
85
3,655
Goods Available for Sale
129
$
10,143
The company sold 43 units on May 1 and 38 units on October 28.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.(Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.)
a.
FIFO:
Ending Inventory
Cost of Goods Sold
b.
LIFO:
Ending Inventory
Cost of Goods Sold
c.
Weighted Average
Ending Inventory
Cost of Goods Sold
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