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: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 21 $ 71 $ 1,491 March 28 Purchase 31 77 2,387 August 22 Purchase 42 81 3,402 October 14 Purchase 47 87 4,089 Goods Available for Sale 141 $ 11,369 The company sold 47 units on May 1 and 42 units on October 28. Required: 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.)

a. FIFO:

b. LIFO:

c. Weighted Average

Explanation / Answer

CALCULATION OF STOCK UNDER FIFO METHOD

CALCULATION OF STOCK UNDER LIFO METHOD

CALCULATION OF STOCK UNDER WEIGHTED AVERAGE METHOD

date begining and purchase sales closing units unit rate total units unit rate total units units rate total 1 jan 21 71 1491 - - - 21 28 MAR 31 77 2387 - - - 21 71 1491 31 77 2387 1 ,MAY - - - 21 71 1491 26 77 2002 5 77 385 22 AUG 42 81 3402 - - - 5 77 385 42 81 3402 14 OCT 47 87 4089 - - - 5 77 385 42 81 3402 47 87 4089 28 OCT - - - 5 77 385 37 81 2997 5 81 405 47 87 4089 TOTAL 141 11369 89 6875 52 4494

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