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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 10 $
Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction | Units | Unit Cost | Total Cost | |||||||
January 1 | Beginning Inventory | 10 | $ | 60 | $ | 600 | ||||
March 28 | Purchase | 20 | 66 | 1,320 | ||||||
August 22 | Purchase | 20 | 70 | 1,400 | ||||||
October 14 | Purchase | 25 | 76 | 1,900 | ||||||
Goods Available for Sale | 75 | $ | 5,220 | |||||||
The company sold 25 units on May 1 and 20 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 2 decimal places and then round your answers to the nearest whole dollar.)
- FIFO
- LIFO
- Weighted Average
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