Question: Problem 7-205 (LO 7-3] Consider the following information for Maynor Company, which uses a perpetual inventory system: January 1 March 28 August 22 October 14
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Problem 7-205 (LO 7-3] Consider the following information for Maynor Company, which uses a perpetual inventory system: January 1 March 28 August 22 October 14 Goods Available for Sale Transaction Beginning Inventory Purchase Purchase Purchase Units 23 33 46 51 Unit Cost Total Cost $ 73 $ 1,679 79 2,607 83 3,818 89 4,539 $12,643 153 The company sold 51 units on May 1 and 46 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 FIFO Ending Inventory Cost of Goods Sold Problem 7-205 (LO 7-3] Consider the following information for Maynor Company, which uses a perpetual inventory system: January 1 March 28 August 22 October 14 Goods Available for Sale Transaction Beginning Inventory Purchase Purchase Purchase Units 23 33 46 51 Unit Cost Total Cost $ 73 $ 1,679 79 2,607 83 3,818 89 4,539 $12,643 153 The company sold 51 units on May 1 and 46 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 LIFO Ending Inventory Cost of Goods Sold
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