Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Cost Total Cost $ 80 86 90 96 January 1 March 28 August 22 October 14 Transaction Beginning Inventory Purchase Purchase Purchase a. FIFO b. LIFO c. Weighted Average Units 30 40 60 65 Goods Available for Sale The company sold 65 units on May 1 and 60 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. $2,400 3,440 5,400 6,240 $ 17,480 195
Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Cost Total Cost $ 80 86 90 96 January 1 March 28 August 22 October 14 Transaction Beginning Inventory Purchase Purchase Purchase a. FIFO b. LIFO c. Weighted Average Units 30 40 60 65 Goods Available for Sale The company sold 65 units on May 1 and 60 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. $2,400 3,440 5,400 6,240 $ 17,480 195
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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Step 1: Define inventory
VIEWStep 2: a. Computation of ending invemntory and cost of goods sold using FIFO method
VIEWStep 3: b. Computation of ending inventory and cost of goods sold using LIFO method
VIEWStep 4: c. Computation of ending inventory and cost of goods sold using weighted average method
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