Consider the following information for Maynor Company, which uses a perpetual inventory system: Units Unit Cost Total Cost Transaction Beginning Inventory 32 $ 2,624 Purchase 42 3,696 August 22 Purchase. 64 5.888 October 14 Purchase 69 6,762 Goods Available for Sale 207 $ 18,970 January 1 March 28 $82 88 92 98 The company sold 69 units on May 1 and 64 units on October 28. Calculate the companys ending inventory and cost of goods sold using the each of following inventory costing methods. A.FIFO Ending inventory= Cost of Goods Sold= B.LIFO Ending inventory= Cost of Goods Sold= C. Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) Ending Inventory= Cost of Goods Sold=

Consider the following information for Maynor Company, which uses a perpetual inventory system: Units Unit Cost Total Cost Transaction Beginning Inventory 32 $ 2,624 Purchase 42 3,696 August 22 Purchase. 64 5.888 October 14 Purchase 69 6,762 Goods Available for Sale 207 $ 18,970 January 1 March 28 $82 88 92 98 The company sold 69 units on May 1 and 64 units on October 28. Calculate the companys ending inventory and cost of goods sold using the each of following inventory costing methods. A.FIFO Ending inventory= Cost of Goods Sold= B.LIFO Ending inventory= Cost of Goods Sold= C. Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) Ending Inventory= Cost of Goods Sold=

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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