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Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 17 $
Consider the following information for Maynor Company, which uses a perpetual inventory system:
Transaction | Units | Unit Cost | Total Cost | |
---|---|---|---|---|
January 1 | Beginning Inventory | 17 | $ 67 | $ 1,139 |
March 28 | Purchase | 27 | 73 | 1,971 |
August 22 | Purchase | 34 | 77 | 2,618 |
October 14 | Purchase | 39 | 83 | 3,237 |
Goods Available for Sale | 117 | $ 8,965 |
The company sold 39 units on May 1 and 34 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
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