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Consider the following information for Maynor Company, which uses a perpetual inventory system: ...

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Accounting

Consider the following information for Maynor Company, which uses a perpetual inventory system:

Transaction Units Unit Cost Total Cost
January 1 Beginning Inventory 28 $ 78 $ 2,184
March 28 Purchase 38 84 3,192
August 22 Purchase 56 88 4,928
October 14 Purchase 61 94 5,734
Goods Available for Sale 183 $ 16,038

The company sold 61 units on May 1 and 56 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

  1. FIFO
  2. LIFO
  3. Weighted Average
Ending Inventory
Cost of Goods Sold

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