Consider the following information for Maynor Company, which uses a periodic inventory system: Units

Consider the following information for Maynor Company, which uses a periodic inventory system: Units 10 Transaction Beginning Inventory Purchase Purchase Purchase 20 January 1 March 28 August 22 October 14 Goods Available for Sale 66 Unit Cost Total Cost $ 60 $ 600 1,320 70 1,400 76 1,900 $5,220 20 The company sold 25 units on May 1 and 20 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 2 decimal places and then round your answers to the nearest whole dollar.) a. FIFO b. LIFO c. Weighted Average

 

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