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Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Cost $73 Transaction Beginning Inventory Purchase Purchase Purchase January 1 March
Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Cost $73 Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22 October 14 Units 23 33 46 51 79 Total Cost $ 1,679 2.607 3,818 4,539 83 89 Goods Available for Sale 153 $12,643 The company sold 51 units on May 1 and 46 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. (Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.) a. FIFO: Ending Inventory Cost of Goods Sold b. LIFO: Ending Inventory Cost of Goods Sold c. Weighted Average Ending Inventory Cost of Goods Sold
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