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Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 31 $
Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction | Units | Unit Cost | Total Cost | |||||||
January 1 | Beginning Inventory | 31 | $ | 81 | $ | 2,511 | ||||
March 28 | Purchase | 41 | 87 | 3,567 | ||||||
August 22 | Purchase | 62 | 91 | 5,642 | ||||||
October 14 | Purchase | 67 | 97 | 6,499 | ||||||
Goods Available for Sale | 201 | $ | 18,219 | |||||||
The company sold 67 units on May 1 and 62 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
goods sold using the each of following inver a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required FIFO Ending Inventory Cost of Goods Sold Calculate the company's ending inventory and cost of goods sold using the each of follow a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Requirer Required C LIFO Ending Inventory Cost of Goods Sold Required A Required C a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Requred C Weighted Average (Round the per unit cost to two decimal places and then round your ansv- Ending Inventory Cost of Goods Sold Required B Required c>
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