Consider the following information for Maynor Company, which uses a perpetual inventory system: Units Unit Cost Total Cost Transaction Beginning Inventory 32 $ 2,624 Purchase 42 3,696 August 22 Purchase. 64 5.888 October 14 Purchase 69 6,762 Goods Available for Sale 207 $ 18,970 January 1 March 28 $82 88 92 98 The company sold 69 units on May 1 and 64 units on October 28. Calculate the companys ending inventory and cost of goods sold using the each of following inventory costing methods. A.FIFO Ending inventory= Cost of Goods Sold= B.LIFO Ending inventory= Cost of Goods Sold= C. Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) Ending Inventory= Cost of Goods Sold=

Consider the following information for Maynor Company, which uses a perpetual inventory system: Units Unit Cost Total Cost Transaction Beginning Inventory 32 $ 2,624 Purchase 42 3,696 August 22 Purchase. 64 5.888 October 14 Purchase 69 6,762 Goods Available for Sale 207 $ 18,970 January 1 March 28 $82 88 92 98 The company sold 69 units on May 1 and 64 units on October 28. Calculate the companys ending inventory and cost of goods sold using the each of following inventory costing methods. A.FIFO Ending inventory= Cost of Goods Sold= B.LIFO Ending inventory= Cost of Goods Sold= C. Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) Ending Inventory= Cost of Goods Sold=

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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Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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