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

question 107

Essay

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 2 decimal places and then round your answers to the nearest whole dollar. )
a.FIFO
b.LIFO
c.Weighted Average

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Definitions:

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