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Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 14 $
Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 14 $ 64 $ 896 March 28 Purchase 24 70 1,680 August 22 Purchase 28 74 2,072 October 14 Purchase 33 80 2,640 Goods Available for Sale 99 $ 7,288
The company sold 33 units on May 1 and 28 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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