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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 12 $
Consider the following information for Maynor Company, which uses a perpetual inventory system:
Transaction | Units | Unit Cost | Total Cost | ||||||
January 1 | Beginning Inventory | 12 | $ | 62 | $ | 744 | |||
March 28 | Purchase | 22 | 68 | 1,496 | |||||
August 22 | Purchase | 24 | 72 | 1,728 | |||||
October 14 | Purchase | 29 | 78 | 2,262 | |||||
Goods Available for Sale | 87 | $ | 6,230 | ||||||
The company sold 29 units on May 1 and 24 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. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.)
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