Question
In: Accounting
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units...
Consider the following information for Maynor Company, which
uses a periodic inventory system:
| Transaction | Units | Unit Cost | Total Cost | |||||||
| January 1 | Beginning Inventory | 20 | $ | 70 | $ | 1,400 | ||||
| March 28 | Purchase | 30 | 76 | 2,280 | ||||||
| August 22 | Purchase | 40 | 80 | 3,200 | ||||||
| October 14 | Purchase | 45 | 86 | 3,870 | ||||||
| Goods Available for Sale | 135 | $ | 10,750 | |||||||
The company sold 45 units on May 1 and 40 units on October
28.
Required:
Calculate the company's ending inventory and cost of goods sold
using the each of following inventory costing methods.
- FIFO
- LIFO
- Weighted Average
Solutions
ekkarill92 answered 10 months agoRelated Solutions
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units...
Consider the following information for Maynor Company, which
uses a periodic inventory system:
Transaction
Units
Unit Cost
Total Cost
January 1
Beginning Inventory
19
$
69
$
1,311
March 28
Purchase
29
75
2,175
August 22
Purchase
38
79
3,002
October 14
Purchase
43
85
3,655
Goods Available for Sale
129
$
10,143
The company sold 43 units on May 1 and 38 units on October
28.
Required:
Calculate the company's ending inventory and cost of goods sold
using...
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units...
Consider the following information for Maynor Company, which
uses a periodic inventory system:
Transaction
Units
Unit Cost
Total Cost
January 1
Beginning Inventory
31
$
81
$
2,511
March 28
Purchase
41
87
3,567
August 22
Purchase
62
91
5,642
October 14
Purchase
67
97
6,499
Goods Available for Sale
201
$
18,219
The company sold 67 units on May 1 and 62 units on October
28.
Required:
Calculate the company's ending inventory and cost of goods sold
using...
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units...
Consider the following information for Maynor Company, which
uses a periodic inventory system:
Transaction
Units
Unit Cost
Total Cost
January 1
Beginning Inventory
21
$
71
$
1,491
March 28
Purchase
31
77
2,387
August 22
Purchase
42
81
3,402
October 14
Purchase
47
87
4,089
Goods Available for Sale
141
$
11,369
The company sold 47 units on May 1 and 42 units on October
28.
Required:
Calculate the company's ending inventory and cost of goods sold
using...
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit...
Consider the following information for Maynor Company, which
uses a periodic inventory system: Transaction Units Unit Cost Total
Cost January 1 Beginning Inventory 21 $ 71 $ 1,491 March 28
Purchase 31 77 2,387 August 22 Purchase 42 81 3,402 October 14
Purchase 47 87 4,089 Goods Available for Sale 141 $ 11,369 The
company sold 47 units on May 1 and 42 units on October 28.
Required: Calculate the company's ending inventory and cost of
goods sold using the...
Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units...
Consider the following information for Maynor Company, which
uses a perpetual inventory system:
Transaction
Units
Unit Cost
Total Cost
January 1
Beginning Inventory
10
$
60
$
600
March 28
Purchase
20
66
1,320
August 22
Purchase
20
70
1,400
October 14
Purchase
25
76
1,900
Goods Available for Sale
75
$
5,220
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...
Bailey Company uses a periodic inventory system and its inventory records contain the following information: Units...
Bailey Company uses a periodic inventory system and its
inventory records contain the following information:
Units
Total
Cost
Beginning Inventory:
300
$780
Purchased on May 10
400
1,170
Purchased on June 15
500
1,260
Purchased on August 28
300
990
1,500
$4,200
The company sold 1,000 units during June. There were no additional
purchases or sales during the remainder of the year. The company
had 500 units were in its ending inventory at the end of the
year....
Calvin Company uses a periodic inventory system. They had the following information concerning their inventory for...
Calvin Company uses a periodic inventory system. They had the
following information concerning their inventory for the month of
March.
Units Cost Per Unit
Beginning Inventory (March 1) 250 $12
Purchase (March 25th) 130 $13
Purchase (March 28th) 285 $15
Sale (March 30th) 350
1. If the company uses a FIFO inventory method, what will be
COST OF GOODS SOLD for the month of March? (please only enter
positive numbers)
Use the same information as for Question 1 If the...
Cullumber Company uses the periodic inventory system and had 100 units in beginning inventory at a...
Cullumber Company uses the periodic inventory system and had 100
units in beginning inventory at a total cost of $10,000. The
company purchased 200 units at a total cost of $26,000. At the end
of the year, Cullumber had 60 units in ending inventory.
Compute the cost of the ending inventory and the cost of goods
sold under FIFO, LIFO, and average-cost.
Flint Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Flint Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total
Cost
1/1
Beginning Inventory
92
$4
$368
1/20
Purchase
460
$5
2,300
7/25
Purchase
92
$7
644
10/20
Purchase
276
$8
2,208
Total
920
$5,520
A physical count of inventory on December 31 revealed that there
were 322 units on hand.
Answer the following independent questions. (Round average
cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0...
Hansen Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Hansen Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit Cost
Total Cost
1/1
Beginning Inventory
100
$3
$300
1/20
Purchase
500
$4
2,000
7/25
Purchase
100
$5
500
10/20
Purchase
300
$6
1,800
1,000
$4,600
A physical count of inventory on December 31 revealed that there
were 380 units on hand.
Answer the following independent questions.
1.
Assume that the company uses the FIFO method. The value of the
ending inventory at December...
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