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Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 Transaction Beginning Inventory March 28 Purchase August 22 Purchase
Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 Transaction Beginning Inventory March 28 Purchase August 22 Purchase October 14 Purchase Goods Available for Sale Unit Cost Total Cost RE Units 28 $ 78 $ 2,184 38 84 3,192 56 88 4,928 61 94 5,734 183 $ 16,038 The company sold 61 units on May 1 and 56 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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