Please do not give solution in image format thanku Consider the following information for Maynor Company, which uses a perpetual inventory system:TransactionUnits Unit CostTotal CostBeginning Inventory18$1,224Purchase282,072Purchase36Purchase41Goods Available for Sale123January 1March 28August 22October 14Ending InventoryCost of Goods Soldb. LIFO.The company sold 41 units on May 1 and 36 units on October 28.Required:Calculate the company's ending inventory and cost of goods sold using the each of following inventorycosting methods.a. FIFO.Ending InventoryCost of Goods Sold$687478842,8083.444Ending InventoryCost of Goods Sold$ 9,548Weighted Average. (Do not round your intermediate calculations. Round your final answers to theC. nearest whole dollar.)

FIFO FIFO stands for first- in-first-out. It is a method of inventory valuation. In this method the…

Consider the following information for Maynor Company, which uses a perpetual inventory system: Units Unit Cost Total Cost Transaction Beginning Inventory Purchase $68 January 1 March 28 $1,224 74 2,072 August 22 Purchase 78 2,808 October 14 Purchase 84 3,444 Goods Available for Sale $ 9,548 Ending Inventory Cost of Goods Sold b. LIFO. Ending Inventory Cost of Goods Sold 0885|2|| 18 The company sold 41 units on May 1 and 36 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. Ending Inventory Cost of Goods Sold 36 41 123 Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.)

Consider the following information for Maynor Company, which uses a perpetual inventory system: Units Unit Cost Total Cost Transaction Beginning Inventory Purchase $68 January 1 March 28 $1,224 74 2,072 August 22 Purchase 78 2,808 October 14 Purchase 84 3,444 Goods Available for Sale $ 9,548 Ending Inventory Cost of Goods Sold b. LIFO. Ending Inventory Cost of Goods Sold 0885|2|| 18 The company sold 41 units on May 1 and 36 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. Ending Inventory Cost of Goods Sold 36 41 123 Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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