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. UnitsUnit CostJuly 1Beginning Inventory2,000$ 25July 5Sold1,000 July 13Purchased6,00029July 17Sold3,000 July 25Purchased8,00031July 27Sold5,000 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.)

Beginning inventory=Units×Per units=2000×$25=$50,000

Answered: Aircard Corporation tracks the number…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...

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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
July 1	Beginning Inventory	2,000	$ 25
July 5	Sold	1,000
July 13	Purchased	6,000	29
July 17	Sold	3,000
July 25	Purchased	8,000	31
July 27	Sold	5,000

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.)

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