Accounting Perpetual Inventory System Question! Please Help!

Question

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

 

Transaction                            Units    Unit Cost                 Total Cost
January 1 Beginning Inventory  29       $ 79                        $ 2,291
March 28 Purchase                   39         85                          3,315
August 22 Purchase                  58         89                          5,162
October 14 Purchase                 63         95                          5,985

Goods Available for Sale           189                                     $ 16,753

 

 

The company sold 63 units on May 1 and 58 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: 

 

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:

 

 

Answer 1

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