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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 (c) weighted
average cost. (Round "Cost per Unit" to 2 decimal places.)
22
LIFO
24
Weighted Average
Cost
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