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Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost 10 $ 60 $ 600
Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost 10 $ 60 $ 600 January 1 Beginning Inventory 10 March 28 Purchase 20 20 August 22 Purchase October 14 Goods Available for Sale Purchase 66 1,320 20 20 70 1,400 25 25 76 1,900 15 75 $ 5,220 The company sold 25 units on May 1 and 20 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. 1. FIFO 2. LIFO 3. Weighted Average
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