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

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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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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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