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 for the month ofJuly.July 1 Beginning InventoryJuly 5SoldPurchasedSoldPurchasedSoldJuly 13July 17July 25July 27Cost of Goods Available for SaleEnding InventoryCost of Goods Sold$Units:2,0001,0006,000$3,0008,0005,000Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO. (b) LIFO, or (c) weightedaverage cost. (Round "Cost per Unit" to 2 decimal places.)FIFOUnit Cost$ 50872,000392,000480,0005456LIFOWeighted AverageCost

Name: Aircard Corporation tracks the number of units purchased and sold thr
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 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 for t

Business

Accounting

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ojo Industries 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. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory’s selling price is $12 per unit. Transactions Unit Cost Units Total Cost Inventory, January 1 $ 4.00 190 $ 760 Sale, January 10 (170 ) Purchase, January 12 4.50 240 1,080 Sale, January 17 (110 ) Purchase, January 26 5.50 70 385 Assume that for Specific identification method the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. Required: Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: (Round your intermediate…
Scrappers Supplies tracks the number of units purchased and sold throughout each accounting perlod but applies Its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($48 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($48 each) 170 $ 32 330 34 (410) 220 38 (80) Required: 1-a. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost method perpetually at the time of each sale. TIP: The sale of 410 units on April 1 is assumed, under LIFO, to consist of the 330 units purchased March 2 and 80 units from beginning inventory. 1-b. Does the use of a perpetual inventory system result in a higher or lower Cost of Goods…
Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: Complete this question by entering your answers in the tabs below. b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $73 per unit) e. Salé, October 31 (sold for $76 per unit) f. Operating expenses (excluding income tax expense), $398,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) LIFO. 4. Prepare an income statement that shows the FIFO method and LIFO method. 5. Which inventory costing method minimizes income taxes? Required 1…
Inventory data for an item for November are: Date Description 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Beg. Inventory Purchased Sold Purchased Purchased Sold Units and Prices 15 units at $10 each 50 units at $12 each 45 units for $40 each 30 units at $15 each 10 units at $20 each 50 units for $45 each Suppose this company employs a periodic inventory system using Weighted Average assumptions. What is the average cost per unit used for inventory in November? Please round to the penny.
The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit January 1 Balance 185 $86 March 14 Sale 54 May 23 Purchase 136 90 August 21 Sale 100 November 5 Purchase 171 91 November 18 Sale 100 November 30 Sale 100 December 5 Sale 100 December 10 Purchase 25 95 Required: Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow assumption. Ending inventory Cost of goods sold
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 310 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 140 470 240 Unit Cost $ 85 95 115 Total Cost $ 11,900 44,650 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.Transactions Units Unit Costa. Inventory, Beginning 4,000 $ 30 cost per unitFor the year: b. Purchase, March 5 10,000 $31 cost per unit c. Purchase, September 19 6,000 units $33 cost per unitd. Sale, April 15 (sold for $75 per unit) 4,400 e. Sale, October 31 (sold for $78 per unit) 9,000 f. Operating expenses (excluding income tax expense), $607,000 ________________________________________Required:3. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.4. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method.
Haresh
Gladstone Limited 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. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($12 each) c. Purchase, May 1 d. Sale, August 31 ($12 each) Required: Units 1,900 Unit Cost $ 4.00 2,500 6.00 (1,700) 1,200 (1,900) 8.00 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning…
Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its Inventory costing method at the end of the year, as if it uses a periodic Inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $18,500 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending Inventory. Units 200 Unit Cost $ 12 950 9 850 13 200 700 3. Compute the cost of ending Inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an Income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which Inventory costing method minimizes…
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 3- accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Ending inventory Cost of goods sold $ $ Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inv Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount FIFO Units 1,990 X Answer is complete but not entirely correct. Average Cost 24,013 34,692 30,000 $ 20,720 $ 5,000 2,960 4,070 LIFO 20,440 38,240 $ $ Unit Cost $4 6