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Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost $74 80 84 90 $1,776 2,720
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost $74 80 84 90 $1,776 2,720 4,032 4,770 January 1 March 28 Purchase August 22 Purchase October 14 Purchase Beginning Inventory 24 34 48 53 Goods Available for Sale 159 $13,298 The company sold 53 units on May 1 and 48 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 two decimal places and then round your answer to the nearest whole dollar.) a. FIFO: Ending Inventory Cost of Goods Sold b. LIFO Ending Inventory Cost of Goods Sold c. Weighted Average Ending Inventory Cost of Goods Sold
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