Given the following information for Maynor Company in 2018,calculate the company's ending inventory,cost of goods sold and gross profit,using the following inventory costing methods,assuming the company uses the periodic system:
a)Weighted Average
b)FIFO
c)LIFO
d)Specific Identification.(The ending inventory consisted of 15 @ $66; 10 @ $70; and 5 @ $76.)
Definitions:
Significant Influence
Refers to the power to participate in the financial and operating policy decisions of an investee but is not control or joint control over those policies.
Dividends Received
Income received from owning shares in a company, typically paid out from the company's profits.
FVTPL
Fair Value Through Profit or Loss - a financial reporting method where assets and liabilities are measured at their current market value, with changes impacting the profit or loss directly.
Cash Consideration
Payment made in cash during transactions, such as acquisitions or buying goods and services.
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