Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction TTI Units Unit Cost Total Cost January 1 March 28 Beginning Inventory 32 $ 82 $ 2,624 Purchase 42 88 August 22 October 14 3,696 5,888 6,762 Purchase 64 92 Purchase 69 98 Goods Available for Sale 207 $18,970 The company sold 69 units on May 1 and 64 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing me a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C FIFO Ending Inventory Cost of Goods Sold Required A Required B
Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction TTI Units Unit Cost Total Cost January 1 March 28 Beginning Inventory 32 $ 82 $ 2,624 Purchase 42 88 August 22 October 14 3,696 5,888 6,762 Purchase 64 92 Purchase 69 98 Goods Available for Sale 207 $18,970 The company sold 69 units on May 1 and 64 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing me a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C FIFO Ending Inventory Cost of Goods Sold Required A Required B
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | 32 | $82 | $2,624 |
| March 28 | Purchase | 42 | $88 | $3,696 |
| August 22 | Purchase | 64 | $92 | $5,888 |
| October 14 | Purchase | 69 | $98 | $6,762 |
| **Goods Available for Sale** | **207** | | **$18,970** |
The company sold 69 units on May 1 and 64 units on October 28.
**Required:**
Calculate the company's ending inventory and cost of goods sold using each of the following inventory costing methods.
a. FIFO
b. LIFO
c. Weighted Average
**Complete this question by entering your answers in the tabs below.**
Tabs for input:
- **Required A**
- **Required B**
- **Required C**
**For FIFO:**
| | |
|--------------------------|---------|
| Ending Inventory | |
| Cost of Goods Sold | |
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