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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 Units 32 $ 82 $ 2,624 42 88 3,696 64 92 5,888 69 98 6,762 207 $ 18,970 The company sold 69 units on May 1 and 64 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 Calculate the company's ending inventory and cost of goods sold using the FIFO inventory costing method. Ending Inventory Cost of Goods Sold < Required A Required B >
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