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 $69 January 1 Beginning Inventory 19 29 38 43 $1,311 2,175 3,002 3,655 Purchase 75 79 85 March 28 August 22 Purchase October 14 Purchase Goods Available for Sale 129 $10,143 The company sold 43 units on May 1 and 38 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. Weighted Average Ending Inventory Cost of Goods Sold

Explanation / Answer

Cost of goods available for sale = 19*69+29*75+38*79+43*85=6488

units available for sale = 129 units

weighted average cost per unit = 6488/129 = 50.29

cost of goods sold = (43+38)*50.29 = 4074

ending inventory = 129-81 = 48*50.29 = 2414

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