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 | 32 | $ | 82 | $ | 2,624 | ||||
| March 28 | Purchase | 42 | 88 | 3,696 | ||||||
| August 22 | Purchase | 64 | 92 | 5,888 | ||||||
| October 14 | Purchase | 69 | 98 | 6,762 | ||||||
| Goods Available for Sale | 207 | $ | 18,970 | |||||||
The company sold 69 units on May 1 and 64 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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