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 each of following inventory costing methods. FIFO LIFO Weighted Average

FIFOLIFOWEIGHTED AVERAGE  

Ending inventory  449438784193  

Cost of Goods Sold  687574917176  

Explanation:

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO          

RECIEPTS  COST OF GOODS SOLD  BALANCE  

DATEUNITSRATEAMOUNT $UNITSRATEAMOUNT $UNITSRATEAMOUNT $

balance  2171149121711491    

Purchasse          

28-Mar3177238731772387    

22-Aug4281340237812997581405

14-Oct47874089    47874089

TOTAL141  1136989  687552  4494

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO          

RECIEPTS  COST OF GOODS SOLD  BALANCE  

DATEUNITSRATEAMOUNT $UNITSRATEAMOUNT $UNITSRATEAMOUNT $

balance  21711491    21711491

Purchasse          

28-Mar31772387    31772387

22-Aug4281340242813402    

14-Oct4787408947874089    

TOTAL141  1136989  749152  3878

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE          

RECIEPTS  COST OF GOODS SOLD  BALANCE  

DATEUNITSRATEAMOUNT $UNITSRATEAMOUNT $UNITSRATEAMOUNT $

balance  21711491      

Purchasse          

28-Mar31772387      

22-Aug42813402      

14-Oct47874089      

TOTAL14180.63113698980.6371765280.634193