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
Definitions:
Frequency Distribution
A statistical representation showing the number of occurrences of each unique value in a dataset.
Mode
The mode of a dataset refers to the value(s) that appear most frequently within the set.
Set Of Data
A collection of data points or values that are typically subject to analysis.
Median
The middle value in a sorted list of numbers, dividing the dataset into two halves.
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