Question
Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28 August 22 Transaction Beginning Inventory Purchase Purchase. October
Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28 August 22 Transaction Beginning Inventory Purchase Purchase. October 14 Purchase Goods Available for Sale Units 30 Unit Cost $80 Total Cost $ 2,400 40 86 3,440 60 90 5,400 65 96 6,240 195 $17,480 The company sold 65 units on May 1 and 60 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
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