Answered step by step
Verified Expert Solution
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.
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 XStep 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