Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 26 $
Consider the following information for Maynor Company, which uses a perpetual inventory system:
Transaction | Units | Unit Cost | Total Cost | |||||||
January 1 | Beginning Inventory | 26 | $ | 76 | $ | 1,976 | ||||
March 28 | Purchase | 36 | 82 | 2,952 | ||||||
August 22 | Purchase | 52 | 86 | 4,472 | ||||||
October 14 | Purchase | 57 | 92 | 5,244 | ||||||
Goods Available for Sale | 171 | $ | 14,644 | |||||||
The company sold 57 units on May 1 and 52 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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