Question

Consider the following information for Maynor Company, which uses a perpetual inventory system:    Transaction Units...

Consider the following information for Maynor Company, which uses a perpetual inventory system:

   Transaction Units Unit Cost Total Cost
January 1 Beginning Inventory 20 $ 70 $ 1,400
March 28 Purchase 30 76 2,280
August 22 Purchase 40 80 3,200
October 14 Purchase 45 86 3,870
Goods Available for Sale 135 $ 10,750


The company sold 45 units on May 1 and 40 units on October 28.

Required:

Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.

  1. FIFO
  2. LIFO
  3. Weighted Average
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