ezto.mheducation.com hm.tpx + VSCO . Create, dis- O Your stream on So H Netflix

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ezto.mheducation.com hm.tpx + VSCO . Create, dis- O Your stream on So H Netflix instagram Apps Microsoft once Home O YouTube 2. Consider the following information for Maynor Company, which uses a periodic inventory system: $ 2,739 3,827 6,138 7,029 January 1 Beginning Inventory 33 $83 89 93 43 March 28 Purchase August October 14 Purchase 22 Purchase 71 Goods Available for Sae 213 $19,733 The company sold 71 units on May 1 and 66 units on October 28 Caloulate 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 Soird MacBook Air esc 80 FI F 888 F4 FS F6

Explanation / Answer

Total units sold :71+66=137

ending inventory =goods available for sale-units sold

        = 213-137 = 76 units

a)under FIFO ,units acquired first are sold first so ending inventory are left from last purchase

Ending inventory =[71*99]oct 14+[76-71]*93aug 22

    =7029+ 465

     = 7494

cost of goods sold =cost of goods available for sale -Ending inventory

= 17933-7494 = 10439

b)LIFO ,units acquired last are sold first so ending inventory are from initial balance

ending inventory :[33*83]jan1+[43*89]mar28

       = 2739+ 3827

       = 6566

Cost of goods sold :19733-6566 = 13167

c)average cost per unit : cost of goods available for sale/untis available for sale

    = 19733/213

   = 92.64 per unit

ending inventory = 76*92.64 =$ 7041

cost of goods sold =19733-7041= 12692

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