Question: Problem - Inventory valuation Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Transaction Units Cost Total Cost January 1

Problem - Inventory valuation Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Transaction Units Cost Total Cost January 1 Beginning Inventory 10 $ 60 $ 600 March 28 Purchase 20 66 1,320 August 22 Purchase 20 70 1,400 October 14 Purchase 25 76 1,900 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. (Round the per unit cost to 2 decimal places and then round your answers to the nearest whole dollar.) a. FIFO b. LIFO

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