Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 21 $ 71 $ 1,491 March 28 Purchase 31 77 2,387 August 22 Purchase 42 81 3,402 October 14 Purchase 47 87 4,089 Goods Available for Sale 141 $ 11,369 The company sold 47 units on May 1 and 42 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.)
a. FIFO:
b. LIFO:
c. Weighted Average
Answers: 3
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Consider the following information for Maynor Company, which uses a periodic inventory system: Trans...
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