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Given the following information for Maynor Company in 2011, calculate the company's ending inventory, cost of goods sold and gross profit, using the following inventory
Given the following information for Maynor Company in 2011, calculate the company's ending inventory, cost of goods sold and gross profit, using the following inventory costing methods, assuming the company uses a periodic inventory system: (Note: The sum of cost of goods sold and ending inventory might not add up due to rounding.)
Given the following information for Maynor Company in 2011, calculate the company's ending inventory cost of goods sold and gross profit, using the following inventory costing methods, assuming the company uses a periodic inventory system: (Note: The sum of cost of goods sold and ending inventory might not add up due to rounding.) 2011 Jan 1 Purchases March 28 Aug 22 Oct 14 Units Unit Cost Total Cost $ 840 Beginning Inventory 14 $ 60 Purchase Purchase Purchase 20 24 29 70 76 1,320 1,680 2,204 Goods Available for Sale 87 $6,044 Sales October 28 Total Revenue Unit Sales Price $100 100 Revenue $2,900 2,400 Sales Sales 29 24 53 $5,300 (a) Weighted Average. (Round your intermediate calculations and final answers to 2 decimal places. Omit the "$" sign in your response. Ending inventory Cost of goods sold Gross profit (b) FIFO. (Omit the "$" sign in your response.) Ending inventory Cost of goods sold Gross profit (c) LIFO. (Omit the "$" sign in your response.) Ending inventory Cost of goods sold Gross profitStep by Step Solution
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