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
32
$
82
$
2,624
March 28
Purchase
42
88
3,696
August 22
Purchase
64
92
5,888
October 14
Purchase
69
98
6,762
Goods Available for Sale
207
$
18,970
The company sold 69 units on May 1 and 64 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
FIFO
LIFO
Weighted Average
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