Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Total Cost $ 2,184 3,192 4,928 5,734 $ 16,038 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods ^
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Purchase Purchase January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Total Cost $ 2,184 3,192 4,928 5,734 $ 16,038 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods ^
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for units sold and units in ending inventory
VIEWStep 3: Working for cost of goods sold and ending inventory using FIFO
VIEWStep 4: Working for cost of goods sold and ending inventory using LIFO
VIEWStep 5: Working for cost of goods sold and ending inventory using weighted average method
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