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Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 15 $

Consider the following information for Maynor Company, which uses a perpetual inventory system:

Transaction Units Unit Cost Total Cost
January 1 Beginning Inventory 15 $ 65 $ 975
March 28 Purchase 25 71 1,775
August 22 Purchase 30 75 2,250
October 14 Purchase 35 81 2,835
Goods Available for Sale 105 $ 7,835

The company sold 35 units on May 1 and 30 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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