Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Total Cost $ 2,184 3,192 4,928 5,734 $ 16,038 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: Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Total Cost $ 2,184 3,192 4,928 5,734 $ 16,038 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods ^

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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