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Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22 October 14 Goods Available for Sale 37 Units Unit Cost Total Cost 27 $ 77 $ 2,079 3,071 4,698 59 5, 487 177 $15, 335 83 87 93 The company sold 59 units on May 1 and 54 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. a. FIFO b. LIFO c. Weighted Average
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