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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 17 $
Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction | Units | Unit Cost | Total Cost | |||||||
January 1 | Beginning Inventory | 17 | $ | 67 | $ | 1,139 | ||||
March 28 | Purchase | 27 | 73 | 1,971 | ||||||
August 22 | Purchase | 34 | 77 | 2,618 | ||||||
October 14 | Purchase | 39 | 83 | 3,237 | ||||||
Goods Available for Sale | 117 | $ | 8,965 | |||||||
The company sold 39 units on May 1 and 34 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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