Answered step by step
Verified Expert Solution
Link Copied!

Question

00
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 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