Consider the following information for Maynor Company, which uses a perpetual in

Question

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

Consider the following information for Maynor Company, which uses a perpetual inventory system: The company sold 49 units on May 1 and 44 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. FIFO. LIFO. Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.)

Explanation / Answer

FIFO Method Purchase Cost of Goods Sold Inventory Date Units Cost Amount Units Cost Amount Units Cost Amount Jan-01 22 72 1584 0 22 72 1584 Mar-28 32 78 2496 0 22 72 1584 32 78 2496 May-01 0 22 72 1584 5 78 390 27 78 2106 Aug-22 44 82 3608 0 5 78 390 44 82 3608 Oct-14 49 88 4312 0 5 78 390 44 82 3608 49 88 4312 Oct-28 0 5 78 390 5 82 410 39 82 3198 49 88 4312 Total 147 12000 93 7278 54 4722 Partciulars Amount Ending inventory 4,722.00 Cost of goods sold 7,278.00 LIFO Method Purchase Cost of Goods Sold Inventory Date Units Cost Amount Units Cost Amount Units Cost Amount Jan-01 22 72 1584 0 22 72 1584 Mar-28 32 78 2496 0 22 72 1584 32 78 2496 May-01 0 32 78 2496 5 72 360 17 72 1224 Aug-22 44 82 3608 0 5 72 360 44 82 3608 Oct-14 49 88 4312 0 5 72 360 44 82 3608 49 88 4312 Oct-28 0 44 88 3872 5 72 360 44 82 3608 5 88 440 Total 147 12000 93 7592 54 4408 Partciulars Amount Ending inventory 4,408.00 Cost of goods sold 7,592.00 Weighted Avg Method Purchase Cost of Goods Sold Inventory Date Units Cost Amount Units Cost Amount Units Cost Amount Jan-01 22 72 1584 0 22 72 1584 Mar-28 32 78 2496 0 54 75.56 4080 May-01 0 49 75.56 3702.22 5 75.56 377.78 Aug-22 44 82 3608 0.00 49 81.34 3985.78 Oct-14 49 88 4312 0.00 98 84.67 8297.78 Oct-28 0 44 84.67 3725.53 54 84.67 4572.24 Total 147 12000 93 7427.76 54 4572.24 Partciulars Amount Ending inventory 4,572.24 Cost of goods sold 7,427.76

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