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Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction January 1 March 28 Beginning Inventory Purchase August 22 Purchase
Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction January 1 March 28 Beginning Inventory Purchase August 22 Purchase October 14 Purchase Goods Available for Sale Units Unit Cost Total Cost 11 $ 61 $ 671 21 67 1,407 22 71 1,562 27 77 2,079 81 $ 5,719 The company sold 27 units on May 1 and 22 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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