Consider the following information for Maynor Company which

Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 21 $ 71 $ 1,491 March 28 Purchase 31 77 2,387 August 22 Purchase 42 81 3,402 October 14 Purchase 47 87 4,089 Goods Available for Sale 141 $ 11,369 The company sold 47 units on May 1 and 42 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 two decimal places and then round your answer to the nearest whole dollar.)

a. FIFO:

b. LIFO:

c. Weighted Average

CALCULATION OF STOCK UNDER FIFO METHOD

CALCULATION OF STOCK UNDER LIFO METHOD

CALCULATION OF STOCK UNDER WEIGHTED AVERAGE METHOD

date		begining and purchase			sales			closing
	units	unit rate	total	units	unit rate	total	units	units rate	total
1 jan	21	71	1491	-	-	-	21

28 MAR	31	77	2387	-	-	-	21	71	1491
							31	77	2387

1 ,MAY	-	-	-	21	71	1491
				26	77	2002	5	77	385

22 AUG	42	81	3402	-	-	-	5	77	385
							42	81	3402

14 OCT	47	87	4089	-	-	-	5	77	385
							42	81	3402
							47	87	4089

28 OCT	-	-	-	5	77	385
				37	81	2997	5	81	405
							47	87	4089

TOTAL	141		11369	89		6875	52		4494

Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Invent

Consider the following information for Maynor Company which

Solution

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