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Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 19 $ 69 $ 1,311 March 28 Purchase 29 75 2,175 August 22 Purchase 38 79 3,002 October 14 Purchase 43 85 3, 655 Goods Available for Sale 129 $ 10, 143 The company sold 43 units on May 1 and 38 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. FIFO Weighted Average

Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 19 $ 69 $ 1,311 March 28 Purchase 29 75 2,175 August 22 Purchase 38 79 3,002 October 14 Purchase 43 85 3, 655 Goods Available for Sale 129 $ 10, 143 The company sold 43 units on May 1 and 38 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. FIFO Weighted Average

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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Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 19 $ 69 $ 1,311 March 28 Purchase 29 75 2, 175 August 22 Purchase 38 79 3,002 October 14 Purchase 43 85 3, 655 Goods Available for Sale 129 $ 10, 143 The company sold 43 units on May 1 and 38 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. FIFO Weighted Average
Transcribed Image Text:Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 19 $ 69 $ 1,311 March 28 Purchase 29 75 2, 175 August 22 Purchase 38 79 3,002 October 14 Purchase 43 85 3, 655 Goods Available for Sale 129 $ 10, 143 The company sold 43 units on May 1 and 38 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. FIFO Weighted Average
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