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Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28 August 22 October 14 Goods Available for Sale
Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28 August 22 October 14 Goods Available for Sale Transaction Beginning Inventory Purchase Purchase Purchase Units 12 22 24 29 Unit Cost $ 62 68 72 78 Total Cost $ 744 1,496 1,728 2,262 $ 6,230 87 The company sold 29 units on May 1 and 24 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 b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the company's ending inventory and cost of goods sold using the FIFO inventory costing method. Ending Inventory Cost of Goods Sold Required A Required B > Required A Required B Required C Calculate the company's ending inventory and cost of goods sold using the LIFO inventory costing method. Ending Inventory Cost of Goods Sold Required A Required B Required C Calculate the company's ending inventory and cost of goods sold using the Weighted Average inventory costing method. (Round the per unit cost to two decimal places and then round your answers to the nearest whole dollar.) Ending Inventory Cost of Goods Sold
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