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:

FIFO:

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

FIFO:

Consider the following information for Maynor Company, which uses a periodic inventory system Transaction Units Unit Cost Total Cost $79 85 89 95 January 1 March 28 Beginning Inventory 29 Purchase August 22 Purchase October 14 Purchase 39 58 63 S 2,291 3,315 5,162 5,985 Goods Available for Sale 189 S16,753 The company sold 63 units on May 1 and 58 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

Explanation / Answer

Calculation of ending inventory

Calculation of cost of goods sold

Particulars Units Unit cost Total Purchased on 22.08 5 89 445 Purchased on 14.10 63 95 5985 Total 68 6430

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