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=
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:
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=
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Step 1: Introduce to FIFO, LIFO, WEIGHTED AVERAGE
VIEWStep 2: Working for cost of goods sold and ending inventory using FIFO Method
VIEWStep 3: Working for cost of goods sold and ending inventory using LIFO Method
VIEWStep 4: Working for cost of goods sold and ending inventory using weighted average
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