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Please calculate for FIFO, LIFO, and weighted average. Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase
Please calculate for FIFO, LIFO, and weighted average.
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22 October 14 Goods Available for Sale 85 Units Unit Cost Total Cost 29 $ 79 $ 2, 291 39 3,315 58 89 5, 162 63 95 5,985 189 $16,753 The company sold 63 units on May 1 and 58 units 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 AverageStep by Step Solution
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