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 43 units on May 1 and 38 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.)

Weighted Average

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

Explanation / Answer

a. FIFO (periodic)

b. LIFO (Periodic)

c. Weighted Average (Periodic)

Latest purchases, Oct 14
43 units x $85 $3655 Next latest purchases; Aug 22
5 units x $79 395 Cost of ending inventory $4050 Cost of Goods Available for Sale $10143 Cost of goods sold $6093

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