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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 19 $
Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction | Units | Unit Cost | Total Cost | |
---|---|---|---|---|
January 1 | Beginning Inventory | 19 | $ 69 | $ 1,311 |
March 28 | Purchase | 29 | 75 | 2,175 |
August 22 | Purchase | 38 | 79 | 3,002 |
October 14 | Purchase | 43 | 85 | 3,655 |
Goods Available for Sale | 129 | $ 10,143 |
The company sold 43 units on May 1 and 38 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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