Consider the following information for Maynor Company, which uses a periodic inventory system: Units Unit Cost Total Cost Transaction Beginning Inventory 33 $ 83 $ 2,739 Purchase 43 89 3,827 66 93 6,138 71 99 7,029 213 $ 19,733 January 1 March 28 August 22 October 14 Goods Available for Sale Purchase Purchase The company sold 71 units on May 1 and 66 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costin- a. FIFO b. LIFO c. Weighted Average

Consider the following information for Maynor Company, which uses a periodic inventory system: Units Unit Cost Total Cost Transaction Beginning Inventory 33 $ 83 $ 2,739 Purchase 43 89 3,827 66 93 6,138 71 99 7,029 213 $ 19,733 January 1 March 28 August 22 October 14 Goods Available for Sale Purchase Purchase The company sold 71 units on May 1 and 66 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costin- a. FIFO b. LIFO c. Weighted Average

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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