Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. Units Unit Cost $ 30 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold 2,000 1,000 6,000 3,000 8,000 5,000 Purchased 34 Sold Purchased 36 Sold Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale 552,000 2$ 552,000 S 552,000 Ending Inventory Cost of Goods Sold

Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. Units Unit Cost $ 30 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold 2,000 1,000 6,000 3,000 8,000 5,000 Purchased 34 Sold Purchased 36 Sold Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale 552,000 2$ 552,000 S 552,000 Ending Inventory Cost of Goods Sold

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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