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 27 units on May 1 and 22 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.)

a. FIFO:

b. LIFO

c. Weighted Average

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

Explanation / Answer

a

b.

c.

Mynor Company LIFO Date Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 11 $       61 $       671 March 28 Purchase 21 $       67 $     1,407 Balance 32 $     2,078 May 1 Sale -11 $       61 $      (671) Sale -16 $       67 $    (1,072) Balance 5 $       335 August 22 Purchase 22 $       71 $     1,562 October 14 Purchase 27 $       77 $     2,079 Balance 54 3976 October 28 Sale -5 $       67 $      (335) -17 $       71 $    (1,207) Ending Inventory 32 $     2,434 Cost of goods Sold - total $     3,285

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.