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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 20 $
Consider the following information for Maynor Company, which uses a periodic inventory system: |
Transaction | Units | Unit Cost | Total Cost | ||||||
January 1 | Beginning Inventory | 20 | $ | 70 | $ | 1,400 | |||
March 28 | Purchase | 30 | 76 | 2,280 | |||||
August 22 | Purchase | 40 | 80 | 3,200 | |||||
October 14 | Purchase | 45 | 86 | 3,870 | |||||
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Goods Available for Sale | 135 | $ | 10,750 | ||||||
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The company sold 45 units on May 1 and 40 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: |
b. | LIFO: |
c. | Weighted Average |
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