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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.)

  1. FIFO
  2. LIFO
  3. Weighted Average

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