Consider the following information for Maynor Company, which uses a perpetual inventory system:TransactionUnitsUnit CostTotal CostBeginning InventoryPurchase$ 75$ 1,8752,835January 125March 283581August 22October 14Purchase50854,2505,005Purchase5591Goods Available for Sale165$ 13,965The company sold 55 units on May 1 and 50 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. FIFOb. LIFOc. Weighted AverageComplete this question by entering your answers in the tabs below.Required ARequired BRequired CCalculate the company's ending inventory and cost of goods sold using the FIFO inventory costing method.Ending InventoryCost of Goods Sold< Required ARequired B >

Name: Consider the following information for Maynor Company, which uses a p
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Description: Consider the following information for Maynor Company, which uses a perpetual inventory system:TransactionUnitsUnit CostTotal CostBeginning InventoryPurchase$ 75$ 1,8752,835January 125March 283581August 22October 14Purchase50854,2505,005Purchase5591

Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…

Answered: action ning Inventory ase Units Unit 25…

Business

Accounting

action ning Inventory ase Units Unit 25 35 ase 50 ase 55 165 d 50 units on October 28.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of
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Question 41 of 50 - / 1 View Policies Current Attempt in Progress The following information was available from the inventory records of Marigold Corp. for January: Units Unit Cost Total Cost Balance at January 1 9200 $9.73 $89516 Purchases: January 6 5800 10.33 59914 January 26 7900 10.75 84925 Sales January 7 (7700 ) January 31 (10900 ) Balance at January 31 4300 Assuming that Marigold does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar? O $45298. O $44006. O $44105. O $44598. Save for Later Attempts: 0 of 2 used Submit Answer
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ces aw 11 Given the following: F1 January 1 inventory April 1 June 1 November 1 Cost of ending inventory 5_1442....jpg Cost of goods sold a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 68 units). (@ F2 Number purchased 47 67 57 62 233 #3 b. Calculate the cost of goods sold using the LIFO (ending inventory shows 68 units). 80 F3 Cost per unit $5 8 $ 4 10 900 000 F4 15 Total $ % 235 536 513 620 $1,904 FS 4 8