Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 20 $
Consider the following information for Maynor Company, which uses a periodic inventory system: |
Transaction | Units | Unit Cost | Total Cost | ||||||
January 1 | Beginning Inventory | 20 | $ | 70 | $ | 1,400 | |||
March 28 | Purchase | 30 | 76 | 2,280 | |||||
August 22 | Purchase | 40 | 80 | 3,200 | |||||
October 14 | Purchase | 45 | 86 | 3,870 | |||||
|
|
|
|
| |||||
Goods Available for Sale | 135 | $ | 10,750 | ||||||
|
|
|
|
| |||||
|
The company sold 45 units on May 1 and 40 units on October 28.
Required: | |
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. (Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.) | |
a. | FIFO: |
Ending Invetory:
Cost of Goods Sold:
b. | LIFO: |
Ending Invetory:
Cost of Goods Sold:
c. Weighted Average |
|
Ending Invetory:
Cost of Goods Sold:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started