Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit...
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Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost $ 600 1,320 1,400 1,900 $ 60 January 1 March 28 Beginning Inventory Purchase 10 20 66 August 22 Purchase 20 70 October 14 Purchase 25 76 Goods Available for Sale 75 $ 5,220 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. a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the company's ending inventory and cost of goods sold using the FIFO inventory costing method. Ending Inventory Cost of Goods Sold Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost $ 600 1,320 1,400 1,900 $ 60 January 1 March 28 Beginning Inventory Purchase 10 20 66 August 22 Purchase 20 70 October 14 Purchase 25 76 Goods Available for Sale 75 $ 5,220 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. a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the company's ending inventory and cost of goods sold using the FIFO inventory costing method. Ending Inventory Cost of Goods Sold
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ending inventory 752520 30 a FIFO ending inventory 25... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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