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Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28 August 22 October 14 Goods Available for Sale Transaction Beginning Inventory Purchase Purchase Purchase Units: 24 34 48 53 159 Unit Cost Total Cost $ 74 $ 1,776 2,720 4,032 4,770 $ 13,298 80 84 90 The company sold 53 units on May 1 and 48 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28 August 22 October 14 Goods Available for Sale Transaction Beginning Inventory Purchase Purchase Purchase Units: 24 34 48 53 159 Unit Cost Total Cost $ 74 $ 1,776 2,720 4,032 4,770 $ 13,298 80 84 90 The company sold 53 units on May 1 and 48 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

FINANCIAL ACCOUNTING
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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5 S Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28. August 22 October 14 Goods Available for Sale Transaction. Beginning Inventory Purchase Purchase Purchase Units 24 34 48 53 159 The company sold 53 units on May 1 and 48 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost Total Cost $ 74 $ 1,776 2,720 4,032 4,770 $ 13,298 80 84 90 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
Transcribed Image Text:5 S Consider the following information for Maynor Company, which uses a periodic inventory system: January 1 March 28. August 22 October 14 Goods Available for Sale Transaction. Beginning Inventory Purchase Purchase Purchase Units 24 34 48 53 159 The company sold 53 units on May 1 and 48 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost Total Cost $ 74 $ 1,776 2,720 4,032 4,770 $ 13,298 80 84 90 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
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 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 LIFO inventory costing method. Ending Inventory Cost of Goods Sold Required A Required B Required C Required B > < Required A Ending Inventory Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required C > Calculate the company's ending inventory and cost of goods sold using the Weighted Average inventory costing method. (Round the per unit cost to two decimal places and then round your answers to the nearest whole dollar.) < Required B Required C >
Transcribed Image Text: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 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 LIFO inventory costing method. Ending Inventory Cost of Goods Sold Required A Required B Required C Required B > < Required A Ending Inventory Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required C > Calculate the company's ending inventory and cost of goods sold using the Weighted Average inventory costing method. (Round the per unit cost to two decimal places and then round your answers to the nearest whole dollar.) < Required B Required C >
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