Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost Beginning Inventory Purchase $ 75 $ 1,875 2,835 January 1 25...


Consider the following information for Maynor Company, which uses a perpetual inventory system:<br>Transaction<br>Units<br>Unit Cost<br>Total Cost<br>Beginning Inventory<br>Purchase<br>$ 75<br>$ 1,875<br>2,835<br>January 1<br>25<br>March 28<br>35<br>81<br>August 22<br>October 14<br>Purchase<br>50<br>85<br>4,250<br>5,005<br>Purchase<br>55<br>91<br>Goods Available for Sale<br>165<br>$ 13,965<br>The company sold 55 units on May 1 and 50 units on October 28.<br>Required:<br>Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.<br>a. FIFO<br>b. LIFO<br>c. Weighted Average<br>Complete this question by entering your answers in the tabs below.<br>Required A<br>Required B<br>Required C<br>Calculate the company's ending inventory and cost of goods sold using the FIFO inventory costing method.<br>Ending Inventory<br>Cost of Goods Sold<br>< Required A<br>Required B ><br>

Extracted text: Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost Beginning Inventory Purchase $ 75 $ 1,875 2,835 January 1 25 March 28 35 81 August 22 October 14 Purchase 50 85 4,250 5,005 Purchase 55 91 Goods Available for Sale 165 $ 13,965 The company sold 55 units on May 1 and 50 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 < required="" a="" required="" b="">

Jun 10, 2022
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