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 Transaction Units Unit Cost Total Cost January 1 March 28 August 22 October 14 Beginning Inventory 25 Purchase Purchase Purchase $75 81 85 91 $ 1,875 2,835 4,250 5,005 35 50 Goods Available for Sale 165 $13,965 The company sold 55 units on May 1 and 50 units on October 28 Required 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: Ending Inventory Cost of Goods Sold b. LIFO: Ending Inventory Cost of Goods Sold c. Weighted Average Ending Inventory Cost of Goods Sold

Explanation / Answer

Calculate following :

a) FIFO

b) LIFO

C) Weighted average

Ending inventory (5005+4250+405) 9660 Cost of goods sold (1875+30*81) 4305

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