| Consider the following information for Maynor Company, which uses a perpetual inventory system: |
| Transaction | Units | Unit Cost | Total Cost | ||||||
| January 1 | Beginning Inventory | 11 | $ | 61 | $ | 671 | |||
| March 28 | Purchase | 21 | 67 | 1,407 | |||||
| August 22 | Purchase | 22 | 71 | 1,562 | |||||
| October 14 | Purchase | 27 | 77 | 2,079 | |||||
| Goods Available for Sale | 81 | $ | 5,719 | ||||||
The company sold 27 units on May 1 and 22 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. |
| b. | LIFO. |
| c. | Weighted Average. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) |
