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Consider the Following Information for Maynor Company,which Uses a Periodic

Question 42

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Consider the following information for Maynor Company,which uses a periodic inventory system:
Consider the following information for Maynor Company,which uses a periodic inventory system: The company sold 25 units on May 1 and 20 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.(Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.) Part a.FIFO Part b.LIFO Part c.Weighted Average
The company sold 25 units on May 1 and 20 units on October 28.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.(Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.)
Part a.FIFO
Part b.LIFO
Part c.Weighted Average

Correct Answer:

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Part a
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Cost of Goods Sold: ...

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