Question

Consider the following information for Maynor Company, which uses a perpetual 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.

Part a. FIFO

Part b. LIFO

Part c. Weighted Average

Answer

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