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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 20 $
Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction | Units | Unit Cost | Total Cost | |||||||
January 1 | Beginning Inventory | 20 | $ | 70 | $ | 1,400 | ||||
March 28 | Purchase | 30 | 76 | 2,280 | ||||||
August 22 | Purchase | 40 | 80 | 3,200 | ||||||
October 14 | Purchase | 45 | 86 | 3,870 | ||||||
Goods Available for Sale | 135 | $ | 10,750 | |||||||
The company sold 45 units on May 1 and 40 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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