Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could someone solve this for me as SOON as possible!! Thank you in advance! I only need the LIFO and Weighted Average as I already

Could someone solve this for me as SOON as possible!! Thank you in advance!
I only need the LIFO and Weighted Average as I already figured out the FIFO.
image text in transcribed
image text in transcribed
23 Consider the following information for Maynor Company, which uses a periodic inventory system: Units Unit Cost $ 84 98 34 10 Transaction Beginning Inventory Purchase Purchase Purchase 44 68 Total Cost $ 2,856 3,960 6,392 7,300 January 1 March 28 August 22 October 14 Goods Available for Sale points 94 73 100 8 02:42:10 219 $20,508 The company sold 73 units on May 1 and 68 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C LIFO Ending Inventory Cost of Goods Sold $ $ 6,816 13,692 Me 23 Consider the following information for Maynor Company, which uses a periodic inventory system: Units Unit Cost $ 84 Transaction Beginning Inventory Purchase Purchase Purchase points January 1 March 28 August 22 October 14 Goods Available for Sale 90 94 Total Cost $ 2,856 3,960 6,392 7,300 $20,508 100 8 02:41:51 219 The company sold 73 units on May 1 and 68 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C Weighted Average (Round the per unit cost to two decimal places and then round your an Ending Inventory Cost of Goods Sold | $ $ 7,304 13,204 Required B Required )

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Practical Manual For Auditors

Authors: Lawrence Robert Dicksee

1st Edition

1360462546, 978-1360462547

More Books

Students also viewed these Accounting questions