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 Beginning Inventory 12 $62 744 1,496 1,728 2,262 January 1 March 28 Purchase August 22 Purchase October 14 Purchase 24 72 78 Goods Available for Sale 87 $6,230 The company sold 29 units on May 1 and 24 units on October 28. Required Calculate the company's ending inventory and cost of goods sold using the each of following inventory Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.) a. Weighted Average Ending Inventory Cost of Goods Sold

Explanation / Answer

Calculate cost of goods sold and ending inventory :

Weighted average No of units available for sale 87 Cost of goods available for sale 6230 Average cost per unit (6230/87) 71.61 Ending inventory (34*71.61) 2435 Cost of goods sold (53*71.61) 3795

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