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 Sold July 25 July 27 Sold Beginning Inventory Sold Purchased Purchased Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Units 2,000 1,000 6,000 3,000 8,000 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.) $ FIFO Unit Cost $ 50 54 56 872,000 392,000 480,000 LIFO 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 Sold July 25 July 27 Sold Beginning Inventory Sold Purchased Purchased Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Units 2,000 1,000 6,000 3,000 8,000 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.) $ FIFO Unit Cost $ 50 54 56 872,000 392,000 480,000 LIFO Weighted Average Cost
Financial Accounting
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ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
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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.
July 1 Beginning Inventory
July 5
Sold
Purchased
Sold
Purchased
Sold
July 13
July 17
July 25
July 27
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold
$
Units:
2,000
1,000
6,000
$
3,000
8,000
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.)
FIFO
Unit Cost
$ 50
872,000
392,000
480,000
54
56
LIFO
Weighted Average
Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1948c2ea-e06a-480b-88b5-9b82e13a7913%2F36bf084c-edde-4c55-a0e4-22fa5c5f0256%2Fxx8zx4q_processed.jpeg&w=3840&q=75)
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 Beginning Inventory
July 5
Sold
Purchased
Sold
Purchased
Sold
July 13
July 17
July 25
July 27
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold
$
Units:
2,000
1,000
6,000
$
3,000
8,000
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.)
FIFO
Unit Cost
$ 50
872,000
392,000
480,000
54
56
LIFO
Weighted Average
Cost
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