Question

Chris Brown-High End [O MChapter 7 Quiz Previous Attempt View ezto.mheducation.com/hm.tpx?todo-formerSID&ezid-1325270649208968; 1&key-7a; Bookmarks Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit CostTotal Cost January 1 Beginning Inventory 33 March 28 Purchase August 22 Purchase October 14 Purchase 43 71 213 $83 89 93 $ 2,739 3,827 6,138 7,029 Goods Available for Sale $19,733 The company sold 71 units on May 1 and 66 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 two decimal places and then round your answer to the nearest whole dollar.) a. FIFO: plete but not entirely correct. Ending Inventory Cost of Goods Sold 7,587 p 12,146 b. LIFO: Answer is complete and correct. Ending Inventory 6,566 C