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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 30 $
Consider the following information for Maynor Company, which uses a perpetual inventory system:
Transaction | Units | Unit Cost | Total Cost | |||||||
January 1 | Beginning Inventory | 30 | $ | 80 | $ | 2,400 | ||||
March 28 | Purchase | 40 | 86 | 3,440 | ||||||
August 22 | Purchase | 60 | 90 | 5,400 | ||||||
October 14 | Purchase | 65 | 96 | 6,240 | ||||||
Goods Available for Sale | 195 | $ | 17,480 | |||||||
The company sold 65 units on May 1 and 60 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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