Given the Following Information for Maynor Company in 2009,calculate the Company's

question 37

Essay

Given the following information for Maynor Company in 2009,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.)
$\begin{array}{lllll}2009&&\text { Units } & \text { Unit Cost } &\text { Total Cost }\\\hline \text { Jan 1 } & \text { Beginning Inventory } & 10 & \$ 60 & \$ 600 \\\text { Purchases } & & & & \\\text { March } 28 & \text { Purchase } & 20 & 66 & 1,320 \\\text { Aug } 22 & \text { Purchase } & 20 & 70 & 1,400 \\\text { Oct } 14 & \text { Purchase } & 25 & 76 & 1,900\\\text { Goods Available for Sale }&&75&&\$5,220\\\\\hline\text { Sales }&&&\text { Unit Sales Price }&\text { Revenue }\\\text { May 1 } & \text { Sales } & 25 & \$ 100 & \$ 2,500 \\\text { October 28 } & \text { Sales } & 20 & \$ 100 & \$ 2,000\\\text { Total Revente }&&45&&\$4,500\end{array}$

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