Consider the following information for Maynor Company, which uses a periodic inventory system: ...
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Accounting
Consider the following information for Maynor Company, which uses a periodic inventory system:
| Transaction | Units | Unit Cost | Total Cost | |||||||
| January 1 | Beginning Inventory | 19 | $ | 69 | $ | 1,311 | ||||
| March 28 | Purchase | 29 | 75 | 2,175 | ||||||
| August 22 | Purchase | 38 | 79 | 3,002 | ||||||
| October 14 | Purchase | 43 | 85 | 3,655 | ||||||
| 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.
FIFO
LIFO
Weighted Average
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