Question

Consider the following information for Maynor Company, which uses a periodic inventory system:

The company sold 43 units on May 1 and 38 units on October 28.

 

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.)

c.

Weighted Average: Ending Invertory, and Cost of Good Solds

 

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