signments: X ) Module 2 Exar ?The company. × Search Textbor X Sketches Inc.P X N

Question

signments: X ) Module 2 Exar ?The company. × Search Textbor X Sketches Inc.P X New Mic x C | ? ezto.mheducation..com/hm.tpx Consider the following information for Maynor Company, which uses a periodic inventory system January 1 Beginning Inventory 27 March 28 Purchase August 22 Purchase October 14 Purchase 37 54 59 $77 83 87 93 $ 2,079 3,071 4,698 5,487 Goods Available for Sale $15,335 The company sold 59 units on May 1 and 54 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

Explanation / Answer

Calculate following :

FIFO Ending inventory (59*93+54*87+5*83) 10600 Cost of goods sold (15335-10600) 4735 LIFO Ending inventory (27*77+37*83+54*87) 9848 Cost of goods sold (15335-9848) 5487 Weighted average Ending inventory (15335/177*118) 10223 Cost of goods sold (15335/177*59) 5112

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