Consider the following information for Maynor Company, which uses a periodic inventory system: TransactionUnitsUnit CostTotal CostJanuary 1Beginning Inventory23$ 73$ 1,679March 28Purchase33792,607August 22Purchase46833,818October 14Purchase51894,539Goods Available for Sale 153 $ 12,643The company sold 51 units on May 1 and 46 units on October 28.Required:Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. Required A Required B Required CCalculate the company's ending inventory and cost of goods sold using the FIFO inventory costing method.Ending InventoryCost of Goods SoldCalculate the company's ending inventory and cost of goods sold using the LIFO inventory costing method.Ending InventoryCost of Goods SoldCalculate 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.)Ending InventoryCost of Goods Sold

Inventory accounting methods are the ways in which revenue and expenses are recorded- more…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...

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Consider the following information for Maynor Company, which uses a periodic inventory system:

	Transaction	Units	Unit Cost	Total Cost
January 1	Beginning Inventory	23	$ 73	$ 1,679
March 28	Purchase	33	79	2,607
August 22	Purchase	46	83	3,818
October 14	Purchase	51	89	4,539
Goods Available for Sale		153		$ 12,643

The company sold 51 units on May 1 and 46 units on October 28.

Required:

Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

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
Calculate the company's ending inventory and cost of goods sold using the LIFO inventory costing method.
Ending Inventory
Cost of Goods Sold
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.)
Ending Inventory
Cost of Goods Sold

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