Consider the tollowing information for Maynor Company which

Consider the tollowing information for Maynor Company, which uses a periodie inventory system January 1 Maroh 28 August 22 October 14 570 s 2,201 Purchase Purchase Purchase 39 58 5,162 5.935 Goods Available for Sale 180 $16,753 The company sold 63 units on May 1 and $8 units on October 28 Required Caloulahe 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 ) Cost of Goods Sold bLIFO Cost of Goods Sold ter

Solution

Answer =   CALCULATION OF COST OF ENDING INVENTORY AND COST OF GOODS SOLD UNDER FIFO METHOD PURCHASES / Beginning inventory Sales /Sales Return CLOSING BALANCE Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit   Total Cost January , 01 Beginnning inventory 29 $          79.00 $            2,291.00 29 $         79.00 $   2,291.00 March , 28 Purchases 39 $          85.00 $            3,315.00 August , 22 Purchases 58 $89 $            5,162.00 Octoeber 14 Purchases 63 95 $            5,985.00 Goods Available for Sale 189 $         16,753.00 COST OF GOODS SOLD May, 01 Sales - 63 units 29 $             79.00 $     2,291.00 34 $             85.00 $     2,890.00 October , 28 Sales - 58 Units 5 $             85.00 $         425.00 53 $89 $     4,717.00 5 $89 $      445.00 63 95 $   5,985.00 Total 121 89 $   10,323.00 68 $   6,430.00 Unit Amoun COGS as per FIFO Method 121 $10,323.00 Closing Balance as per FIFO 68 6430 CALCULATION OF COST OF ENDING INVENTORY AND COST OF GOODS SOLD UNDER LIFO METHOD PURCHASES / Purchase Return Sales /Sales Return CLOSING BALANCE Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit   Total Cost January , 01 Beginnning inventory 29 $          79.00 $            2,291.00 29 $         79.00 $   2,291.00 March , 28 Purchases 39 $          85.00 $            3,315.00 August , 22 Purchases 58 $89 $            5,162.00 Octoeber 14 Purchases 63 95 $            5,985.00 Goods Available for Sale 189 $         16,753.00 COST OF GOODS SOLD May, 01 Sales - 63 units 63 95 $     5,985.00 October , 28 Sales - 58 Units 58 $89 $     5,162.00 29 $         79.00 $   2,291.00 39 $         85.00 $   3,315.00 Total 121 $   11,147.00 68 5606 Unit Amoun COGS as per LIFO Method 121 $ 11,147.00 Closing Balance as per LIFO 68 $    5,606.00 CALCULATION OF THE UNIT COST AS PER AVERAGE COST METHOD Unit Rate Amount June , 01 Beginnning inventory 29 $          79.00 $            2,291.00 March , 28 Purchases 39 $          85.00 $            3,315.00 August , 22 Purchases 58 $89 $            5,162.00 Octoeber 14 Purchases 63 95 $            5,985.00 $              189.00 $         16,753.00 Average Cost Per unit = $ 16,753/189 $                88.64 Ending inventory =                       68.0 $          88.64 $            6,027.53 Cost of Goods Sold                    121.0 $          88.64 $         10,725.47 FIFO LIFO Average Cost Cost OF Goods Sold $10,323 $11,147 $10,725 Ending inventory $6,430 $5,606 $6,028