Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.)

2011 Units Unit Cost Total Cost
Jan 1 Beginning Inventory 28 $ 60 $ 1,680
Purchases
March 28 Purchase 20 66 1,320
Aug 22 Purchase 38 70 2,660
Oct 14 Purchase 43 76 3,268
Goods Available for Sale 129 $ 8,928
Sales Unit Sales Price Revenue
May 1 Sales 43 $ 100 $ 4,300
October 28 Sales 38 100 3,800
Total Revenue 81 $ 8,100
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 profit $
(d)

Specific Identification. (The ending inventory consisted of 20 @ $66; 19 @ $70; and 9 @ $76.) (Omit the "$" sign in your response.)

Ending inventory $
Cost of goods sold $
Gross profit $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions