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2) Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Transaction Units Cost January 1 Beginning Inventory 10 $ 60
2) Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Transaction Units Cost January 1 Beginning Inventory 10 $ 60 March 28 Purchase 206 6 August 22 Purchase October 14 Purchase Goods Available for Sale Total Cost $ 600 1,320 1,400 1,900 $ 5,220 75 The company sold 25 units on May 1 and 20 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 2 decimal places and then round your answers to the nearest whole dollar.) a. FIFO b. LIFO c. Weighted Average
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