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Consider the following information for Maynor Company, which uses a perpetual inventory system: Units Unit Cost 10 $ 60 66 Transaction Beginning Inventory Purchase January 1 March 28 August 22 October 14 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. a. FIFO b. LIFO c. Weighted Average Purchase Purchase 20 20 25 75 70 76 Total Cost $ 600 1,320 1,400 1,900 $ 5,220 Required: Calculate the company's ending inventory and cost of goods sold using the each of following Inventory costing methods.

Consider the following information for Maynor Company, which uses a perpetual inventory system: Units Unit Cost 10 $ 60 66 Transaction Beginning Inventory Purchase January 1 March 28 August 22 October 14 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. a. FIFO b. LIFO c. Weighted Average Purchase Purchase 20 20 25 75 70 76 Total Cost $ 600 1,320 1,400 1,900 $ 5,220 Required: Calculate the company's ending inventory and cost of goods sold using the each of following Inventory costing methods.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22 October 14 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. a. FIFO b. LIFO c. Weighted Average Units 10 20 20 25 75 Unit Cost 88822 $ 60 66 70 76 Total Cost $ 600 1,320 1,400 1,900 $ 5,220 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
Transcribed Image Text:Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22 October 14 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. a. FIFO b. LIFO c. Weighted Average Units 10 20 20 25 75 Unit Cost 88822 $ 60 66 70 76 Total Cost $ 600 1,320 1,400 1,900 $ 5,220 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
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