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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.

  1. FIFO
  2. LIFO
  3. Weighted Average

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