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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.
- FIFO
- LIFO
- Weighted Average
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