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

image

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 23 $ 60 $ 1,380 Purchases March 28 Purchase 20 Aug 22 Purchase Oct 14 Purchase 233 38 626 66 1,320 70 2,310 76 2,888 Goods Available for Sale 114 $ 7,898 Unit Sales Sales May 1 Sales October 28 Sales Revenue Price 33 38 $100 33 100 $3,800 3,300 Total Revenue 71 $ 7,100 a)Weighted Average. (Round your intermediate calculations and final answers to 2 decimal places. Omit the "$" sign in your response.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate the ending inventory cost of goods sold COGS and gross profit using the weighted averag... 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

Document Format ( 2 attachments)

PDF file Icon
663d643ec2aee_967481.pdf

180 KBs PDF File

Word file Icon
663d643ec2aee_967481.docx

120 KBs Word File

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

Fundamental Accounting Principles

Authors: Larson Kermit, Tilly Jensen

Volume I, 14th Canadian Edition

71051503, 978-1259066511, 1259066517, 978-0071051507

More Books

Students also viewed these Accounting questions