Consider the following information for Maynor Company, which uses a periodic inv

Question

Consider the following information for Maynor Company, which uses a periodic inventory system:

The company sold 67 units on May 1 and 62 units on October 28.
   

Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. (Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.)

Weighted Average

Consider the following information for Maynor Company, which uses a periodic inventory system:

Explanation / Answer

Weighted average cost per unit =Total cost of goods available for sales /units available for sale

              = 18219 /201

             = $ 90.64 per unit

Cost of goods sold =unit sold *per unit cost

          = 129 * 90.64

           = 11693

**unit sold = 67+62=129 units

Ending inventory =cost of goods available for sale -cost of goods sold

          = 18219 - 11693

         = $ 6526

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