Calculate the companys ending inventory and cost of goods sold using the each of

Question

Calculate the companys ending inventory and cost of goods sold using the each of following inventory costing methods.

A.FIFO

Ending inventory=

Cost of Goods Sold=

B.LIFO

Ending inventory=

Cost of Goods Sold=

C. Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.)

Ending Inventory=

Cost of Goods Sold=

Consider the following information for Maynor Company, which uses a perpetual inventory system Transaction Units Unit Cost Total Cost January 1 March 28 Beginning Inventory 32 Purchase Purchase Purchase $82 $ 2,624 3,696 5,888 6,762 August 22 October 14 92 98 64 Goods Available for Sale 207 $ 18,970 The company sold 69 units on May 1 and 64 units on October 28

Explanation / Answer

Answer:-A)-

B)-

C)-

FIFO Method Goods purchased Cost of goods sold Inventory balance Date # of units Cost per unit # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory balance Jan-01 32 82 2624 Mar-28 42 88 32 82 2624 42 88 3696 May-01 32 82 2624 5 88 440 37 88 3256 Oct-14 69 98 5 88.00 440.00 69 98.00 6762.00 Oct-28 5 88 440 10 98 980.00 59 98 5782 Totals 133 12102

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