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 January 1 Beginning Inventory 32 $ 82 $ 2,624 March 28 Purchase 42 88 3,696 August 22 Purchase 64 92 5,888 October 14 Purchase 69 98 6,762 Goods Available for Sale 207 $ 18,970 The company sold 69 units on May 1 and 64 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.)

FIFO:

ending inventory-

cost of goods sold-

Explanation / Answer

Ending inventory = (69*98)+(5*92)= 7222 Cost of goods sold= 18970-7222= 11748

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