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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 18 $
Consider the following information for Maynor Company, which uses a perpetual inventory system: |
Transaction | Units | Unit Cost | Total Cost | ||||||
January 1 | Beginning Inventory | 18 | $ | 68 | $ | 1,224 | |||
March 28 | Purchase | 28 | 74 | 2,072 | |||||
August 22 | Purchase | 36 | 78 | 2,808 | |||||
October 14 | Purchase | 41 | 84 | 3,444 | |||||
Goods Available for Sale | 123 | $ | 9,548 | ||||||
The company sold 41 units on May 1 and 36 units on October 28.
Consider the following information for Maynor Company, which uses a perpetual inventory system Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 18 March 28 Purchase August 22 Purchase October 14 Purchase $68 $1,224 2,072 2.808 3,444 28 36 78 84 S 9,548 Goods Available for Sale 123 The company sold 41 units on May 1 and 36 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 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.) C. Ending Inventory Cost of Goods Sold
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