Question

Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Cost $73 Transaction Begic. Weighted Average Ending Inventory Cost of Goods Sold

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Answer #1

Solution

FIFO
Ending Inventory $                 4,954
Cost of Goods Sold $                 7,689

.

LIFO
Ending Inventory $                   4,286
Cost of Goods Sold $                   8,357

.

Weighted Average
Ending Inventory $             4,627
Cost of Goods Sold $             8,016

Working

Units Cost per unit value
Beginning Balance 23 $                   73.00 $ 1,679
Purchases
33 $                   79.00 $ 2,607
46 $                   83.00 $ 3,818
51 $                   89.00 $ 4,539
Total 153 $ 12,643

.

Average Cost of Inventory
Units (A) 153
Total Cost (B) $ 12,643
Average Cost (C=B/A) $ 82.63

.

FIFO
Total Units Available for sale 153
Units Sold 97
Closing Stock in Units 56
Valuation
Ending Inventory 51 @ $             89.00 $ 4,539
5 @ $             83.00 $ 415
Value Of Ending Inventory $ 4,954
Cost of Goods sold $ 7,689
LIFO
Total Units Available for sale 153
Units Sold 97
Closing Stock in Units 56
Valuation
Ending Inventory 23 @ $             73.00 $ 1,679
33 @ $             79.00 $ 2,607
Value Of Ending Inventory $              4,286
Cost of Goods sold 12643 minus 4286 $              8,357
Weighted Average method
Total Units Available for sale 153
Units Sold 97
Closing Stock in Units 56
Valuation
Ending Inventory 56 @ $             82.63 $              4,627
Value Of Ending Inventory $              4,627
Cost of Goods sold (Total Purchase and opening stock Minus Closing Stock) $              8,016
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