Given the following information for Maynor Company in 2011, calculate the compan

Question

Given the following information for Maynor Company in 2011, calculate the company's ending inventory, cost of goods sold and gross profit, using the following inventory costing methods, assuming the company uses a periodic inventory system: (Note: The sum of cost of goods sold and ending inventory might not add up due to rounding.) 2011 Jan 1 Purchases March 28 Aug 22 Oct 14 Units Unit CostTotal Cost Beginning Inventory13 S 60 S 780 Purchase Purchase Purchase 20 23 28 70 76 1,320 1,610 2,128 Goods Available for Sale 84 $5,838 Sales May 1 28 23 Unit Sales Price Revenue $2,800 2.300 sales $100 100 Sales Sales October 28 Total Revenue 51 $5,100 (a) Weighted Average (Round your intermediate calculations and final answers to 2 decimal places. Omit the "$" sign in your response.) Ending inventory Cost of goods sold Gross proft

Explanation / Answer

Weighted Average system   

Cost of goods sold= 5838/84*51= 5838/84*51= $3544.5

Ending Inventory(Goods available for sale-cost ofgoods sold)= 5838-3544.5= $2293.5

Gross Profit= Sales-cost of goods sold= 5100-3544.5= 1555.5

Fifo

Cost of Goods sold=

780+1320+18*70= 3360

Ending Inventory(Goods available for sale-cost ofgoods sold)= 5838-3360= $2478

Gross profit= 5100-3360=$1740

Lifo

Cost of goods sold= 2128+1610= 3738

      Ending Inventory(Goods available for sale-cost ofgoods sold)=5838-3738=$2100

      Gross Profit= 5100-3738= $1362

Ending Inventory= 21*66+9*70+3*76=2244

Cost of goods sold(Goods available for sale-Ending inventory)=5838-2244=3594

Gross Profit=5100-3594=$1506

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