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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 21 $
Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction | Units | Unit Cost | Total Cost | |
---|---|---|---|---|
January 1 | Beginning Inventory | 21 | $ 71 | $ 1,491 |
March 28 | Purchase | 31 | 77 | 2,387 |
August 22 | Purchase | 42 | 81 | 3,402 |
October 14 | Purchase | 47 | 87 | 4,089 |
Goods Available for Sale | 141 | $ 11,369 |
The company sold 47 units on May 1 and 42 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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