Question
Given the following information for Maynor Company in 2020, 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 2020, calculate the company's ending inventory, cost of goods sold and gross profit, using the following inventory costing methods, assuming the company uses the periodic system:
a) Weighted Average
b) FIFO
c) LIFO
d) Specific Identification. (The ending inventory consisted of 15 @ $66; 10 @ $70; and 5 @ $76.)
2020
Units
Unit Cost
Total Cost
Jan 1
Beginning Inventory
10
$60
$600
Purchases
March 28
Purchase
20
66
1,320
Aug 22
Purchase
20
70
1,400
Oct 14
Purchas
25
76
1,900
Goods Available for Sale
75
$5,220
Sales
Unit Sales Price
Revenue
May 1
Sales
25
$100
$2,500
October 28
Sales
20
$100
$2,000
Total Revenue
45
$4,500
Given the following information for Maynor Company in 2020, calculate the company's ending inventory, cost of goods sold and gross profit, using the following inventory costing methods, assuming the company uses the periodic system:
a) Weighted Average
b) FIFO
c) LIFO
d) Specific Identification. (The ending inventory consisted of 15 @ $66; 10 @ $70; and 5 @ $76.)
2020 |
| Units | Unit Cost | Total Cost |
|
Jan 1 | Beginning Inventory | 10 | $60 | $600 |
|
Purchases | |||||
March 28 | Purchase | 20 | 66 | 1,320 |
|
Aug 22 | Purchase | 20 | 70 | 1,400 |
|
Oct 14 | Purchas | 25 | 76 | 1,900 |
|
Goods Available for Sale |
| 75 |
| $5,220 |
|
Sales |
|
| Unit Sales Price | Revenue |
|
May 1 | Sales | 25 | $100 | $2,500 |
|
October 28 | Sales | 20 | $100 | $2,000 |
|
Total Revenue |
| 45 |
| $4,500 |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started