Given the following information for Maynor Company in 2011, calculate the company's ending inventory, cost...
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Accounting
Given the following information for Maynor Company in 2011, calculate the company's ending inventory, cost of goods sold and gross profit, using the following inventory costing methods, assuming the company uses a periodic inventory system: (Note: The sum of cost of goods sold and ending inventory might not add up due to rounding.)
2011
Units
Unit Cost
Total Cost
Jan 1
Beginning Inventory
28
$
60
$
1,680
Purchases
March 28
Purchase
20
66
1,320
Aug 22
Purchase
38
70
2,660
Oct 14
Purchase
43
76
3,268
Goods Available for Sale
129
$
8,928
Sales
Unit Sales Price
Revenue
May 1
Sales
43
$
100
$
4,300
October 28
Sales
38
100
3,800
Total Revenue
81
$
8,100
a)
Weighted Average. (Round your intermediate calculations and final answers to 2 decimal places. Omit the "$" sign in your response.)
Ending inventory
$
Cost of goods sold
$
Gross profit
$
(b)
FIFO. (Omit the "$" sign in your response.)
Ending inventory
$
Cost of goods sold
$
Gross profit
$
(c)
LIFO. (Omit the "$" sign in your response.)
Ending inventory
$
Cost of goods sold
$
Gross profit
$
(d)
Specific Identification. (The ending inventory consisted of 20 @ $66; 19 @ $70; and 9 @ $76.) (Omit the "$" sign in your response.)
Ending inventory
$
Cost of goods sold
$
Gross profit
$
Answer & Explanation
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