Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I figured out LIFO I just need help with weighted average. Consider the following information for Maynor Company, which uses a perpetual inventory system: m.

image text in transcribed

I figured out LIFO I just need help with weighted average.

Consider the following information for Maynor Company, which uses a perpetual inventory system: m. 3 January 1 March 28 August 22 October 14 Transaction Beginning Inventory Purchase Purchase Purchase Units 13 23 26 31 Unit cost Total cost $ 63 $ 819 69 1,587 73 1,898 79 2,449 3.33/10 points awarded Scored The company sold 31 units for $105 each on May 1 and 26 units for $110 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 FIFO is Ending Inventory Cost of Goods Sold 2.814 3.939 IS LIFO IS Ending Inventory Cost of Goods Sold 2.406 4.347 IS Weighted Average (Do not round your interr Ending Inventory Cost of Goods Sold $ IS 2.614 4.139 X

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_2

Step: 3

blur-text-image_3

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

Business Accounting Uk Gaap Volume 2

Authors: Alan Sangster, Frank Wood

1st Edition

0273718800, 9780273718802

More Books

Students also viewed these Accounting questions

Question

please dont use chat gpt or other AI 5 9 5 .

Answered: 1 week ago

Question

Under what circumstances do your customers write complaint letters?

Answered: 1 week ago