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Consider the following information for Maynor Company, which uses a perpetual inventory system: January 1 March 28 Transaction Beginning Inventory Purchase August 22 October 14
Consider the following information for Maynor Company, which uses a perpetual inventory system: January 1 March 28 Transaction Beginning Inventory Purchase August 22 October 14 Purchase Purchase Goods Available for Sale Units Unit Cost 20 $70 Total Cost $ 1,400 30 76 2,280 40 80 3,200 45 86 3,870 135 $10,750 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. a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C FIFO Ending Inventory Cost of Goods Sold < Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Required C LIFO Ending Inventory Cost of Goods Sold < Required A Required C > Required A Required B Required C Weighted Average (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) Ending Inventory Cost of Goods Sold < Required B Required C >
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