Question

Consider the following information for Maynor Company, which uses a periodic inventory system:


Transaction Units Unit Cost Total Cost
January 1 Beginning Inventory 10 $60 $ 600
March 28 Purchase 20 66 1,320
August 22 Purchase 20 70 1,400
October 14 Purchase 25 76 1,900
Goods Available for Sale 75 $5,220

The company sold 25 units on May 1 and 20 units on October 28.

Required:

Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. (Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.)

Part a. FIFO

Part b. LIFO

Part c. Weighted Average

Answer

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