action ning Inventory ase Units Unit 25 35 ase 50 ase 55 165 d 50 units on October 28.
action ning Inventory ase Units Unit 25 35 ase 50 ase 55 165 d 50 units on October 28.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![Consider the following information for Maynor Company, which uses a perpetual inventory system:
Transaction
Units
Unit Cost
Total Cost
Beginning Inventory
Purchase
$ 75
$ 1,875
2,835
January 1
25
March 28
35
81
August 22
October 14
Purchase
50
85
4,250
5,005
Purchase
55
91
Goods Available for Sale
165
$ 13,965
The 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. FIFO
b. LIFO
c. Weighted Average
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
Calculate the company's ending inventory and cost of goods sold using the FIFO inventory costing method.
Ending Inventory
Cost of Goods Sold
< Required A
Required B >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7efdc13-0dc0-4f4b-a7af-1a61d8f2354f%2F621d56bc-efd0-4c8f-9aad-14b3dd5370f1%2Fjwi8aos_processed.png&w=3840&q=75)
Transcribed Image Text:Consider the following information for Maynor Company, which uses a perpetual inventory system:
Transaction
Units
Unit Cost
Total Cost
Beginning Inventory
Purchase
$ 75
$ 1,875
2,835
January 1
25
March 28
35
81
August 22
October 14
Purchase
50
85
4,250
5,005
Purchase
55
91
Goods Available for Sale
165
$ 13,965
The 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. FIFO
b. LIFO
c. Weighted Average
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
Calculate the company's ending inventory and cost of goods sold using the FIFO inventory costing method.
Ending Inventory
Cost of Goods Sold
< Required A
Required B >
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