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: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 33 $ 83 $ 2,739 March 28 Purchase 43 89 3,827 August 22 Purchase 66 93 6,138 October 14 Purchase 71 99 7,029 Goods Available for Sale 213 $ 19,733 The company sold 71 units on May 1 and 66 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. a. FIFO. b.LIFO c.weighted average

Explanation / Answer

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WEIGHTED AVERAGE Date Purchase Unit Cost($) Total ($) Sold Unit COGS ($) Total ($) Inventory Unit Cost($) Total ($) Beginning Inventory 33 83.00 2,739 Mar-28 43 89 3,827 76 86.39 6,566 May-01 71 86.39 6,134 5 432 Aug-22 66 93 6,138 71 6,570 Oct-14 71 99 7,029 142 95.77 13,599 Oct-28 66 95.77 6,321 76 95.77 7,278 End of Oct COGS 66 95.77 6,321 76 95.77 7,278 FIFO Date Purchase Unit Cost($) Total ($) Sold Unit COGS ($) Total ($) Inventory Unit Cost($) Total ($) Beginning Inventory 33 83 2,739 Mar-28 43 89 3,827 33 83 2,739 43 89 3,827 May-01 33 83 2,739 38 89 3,382 5 89 445 Aug-22 66 93 6,138 5 89 445 66 93 6,138 Oct-14 71 99 7,029 5 89 445 66 93 6,138 71 99 7,029 Oct-28 5 89 445 61 93 5,673 5 93 465 71 99 7,029 End of Oct COGS 137 12,239 76 7,494 LIFO Date Purchase Unit Cost($) Total ($) Sold Unit COGS ($) Total ($) Inventory Unit Cost($) Total ($) Beginning Inventory 33 83 2,739 Mar-28 43 89 3,827 33 83 2,739 43 89 3,827 May-01 43 89 3,827 28 83 2,324 5 83 415 Aug-22 66 93 6,138 5 83 415 66 93 6,138 Oct-14 71 99 7,029 5 83 415 66 93 6,138 71 99 7,029 Oct-28 66 99 6,534 5 83 415 66 93 6,138 5 99 495 End of Oct COGS 137 12,685 76 7,048

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