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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 25 $
Consider the following information for Maynor Company, which uses a perpetual inventory system: |
Transaction | Units | Unit Cost | Total Cost | ||||||
January 1 | Beginning Inventory | 25 | $ | 75 | $ | 1,875 | |||
March 28 | Purchase | 35 | 81 | 2,835 | |||||
August 22 | Purchase | 50 | 85 | 4,250 | |||||
October 14 | Purchase | 55 | 91 | 5,005 | |||||
Goods Available for Sale | 165 | $ | 13,965 | ||||||
The company sold 55 units on May 1 and 50 units on October 28.
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. |
FIFO.
ending inventory = cost of goods sold =
lifo ending inventory = cost of goods sold =
weighted average (rounded to nearest whole dollar) ending inventory= cost of gods sold=
|
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