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Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost $78 84 March 28 August 22
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost $78 84 March 28 August 22 October 14 January 1 Beginning Inventory 28 Purchase Purchase Purchase 38 56 61 $ 2,184 3,192 4,928 5,734 94 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. (Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.) a. FIFO: Ending Inventory Cost of Goods Sold
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