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Consider the following information for Maynor Company, which uses a perpetual inventory system TransactionUnits Total Cost January 1 March 28 August 22 October 14 Beginning
Consider the following information for Maynor Company, which uses a perpetual inventory system TransactionUnits Total Cost January 1 March 28 August 22 October 14 Beginning Inventory 35 45 70 75 Purchase Purchase Purchase Unit Cost $ 85 91 95 101 $ 2,975 4,095 6,650 7,575 Goods Available for Salee 225 $ 21,295 The company sold 75 units on May 1 and 70 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 Ending Inventory Cost of Goods Sold 7,572 $13,723 b. LIFO Ending Inventory Cost of Goods Sold Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) Ending Inventory Cost of Goods Sold
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