Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 19 $
Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction | Units | Unit Cost | Total Cost | |||||||
January 1 | Beginning Inventory | 19 | $ | 69 | $ | 1,311 | ||||
March 28 | Purchase | 29 | 75 | 2,175 | ||||||
August 22 | Purchase | 38 | 79 | 3,002 | ||||||
October 14 | Purchase | 43 | 85 | 3,655 | ||||||
Goods Available for Sale | 129 | $ | 10,143 | |||||||
The company sold 43 units on May 1 and 38 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started