Consider the following information for Maynor Company, which uses a periodic inventory system:
Transaction Units Unit Cost Total Cost
January1 Beginning Inventory 34 $84 $2,856
March 28 Purchase 44 90 3,960
August 22 Purchase 68 94 6,392
October 14 Purchase 73 100 7,300
Goods Available for Sale 219 $20,508
The company sold 73 units on May 1 and 68 units on October 28.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
A. FIFO
B. LIFO
C. Weighted Average.
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Consider the following information for Maynor Company, which uses a periodic inventory system:
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