Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Cost Total Cost $ 80 86 90 96 January 1 March 28 August 22 October 14 Transaction Beginning Inventory Purchase Purchase Purchase a. FIFO b. LIFO c. Weighted Average Units 30 40 60 65 Goods Available for Sale The company sold 65 units on May 1 and 60 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. $2,400 3,440 5,400 6,240 $ 17,480 195
Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Cost Total Cost $ 80 86 90 96 January 1 March 28 August 22 October 14 Transaction Beginning Inventory Purchase Purchase Purchase a. FIFO b. LIFO c. Weighted Average Units 30 40 60 65 Goods Available for Sale The company sold 65 units on May 1 and 60 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. $2,400 3,440 5,400 6,240 $ 17,480 195
College Accounting (Book Only): A Career Approach
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Chapter11: Work Sheet And Adjusting Entries
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Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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![Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction
Beginning Inventory
Unit Cost Total Cost
$ 80
$ 2,400
Purchase
86
3,440
Purchase
90
Purchase
96
January 1
March 28
August 22
October 14
Goods Available for
Sale
Units
30
40
60
65
195
a. FIFO
b. LIFO
c. Weighted Average
5,400
6,240
$ 17,480
The company sold 65 units on May 1 and 60 units on October 28.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fef0e7612-36e3-4ce5-bccd-953ee7babae9%2Fabd6a861-f0f7-4be1-a489-026be977df8f%2Fdqw1sin_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction
Beginning Inventory
Unit Cost Total Cost
$ 80
$ 2,400
Purchase
86
3,440
Purchase
90
Purchase
96
January 1
March 28
August 22
October 14
Goods Available for
Sale
Units
30
40
60
65
195
a. FIFO
b. LIFO
c. Weighted Average
5,400
6,240
$ 17,480
The company sold 65 units on May 1 and 60 units on October 28.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
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Step 1: Define inventory
VIEWStep 2: a. Computation of ending invemntory and cost of goods sold using FIFO method
VIEWStep 3: b. Computation of ending inventory and cost of goods sold using LIFO method
VIEWStep 4: c. Computation of ending inventory and cost of goods sold using weighted average method
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