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Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28 August 22 October 14 Transaction Beginning Inventory Purchase
Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28 August 22 October 14 Transaction Beginning Inventory Purchase Purchase Purchase Units 21 31 42 47 Unit Cost $ 71 77 81 87 Total Cost $ 1,491 2,387 3,402 4,089 Goods Available for Sale 141 $11,369 The company sold 47 units on May 1 and 42 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 Required A Required B Required C FIFO Ending Inventory Cost of Goods Sold
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