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. July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Units 2,000 1,000 6,000 3,000 8,000 5,000 Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Unit Cost $ 20 FIFO Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or weighted average cost. (Round "Cost per Unit" to 2 decimal places.) 22 LIFO 24 Weighted Average Cost

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. July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Units 2,000 1,000 6,000 3,000 8,000 5,000 Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Unit Cost $ 20 FIFO Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or weighted average cost. (Round "Cost per Unit" to 2 decimal places.) 22 LIFO 24 Weighted Average Cost

Name: Sh6 Aircard Corporation tracks the number of units purchased and sold
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Description: Sh6 Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventorycosting method at the end of each period as if it uses a periodic inventory system. The following are the transactions fo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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