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 3,500 $ 21 July 13 Purchased 1,400 22 July 17 Purchased 2,100 23 July 25 Purchased 1,400 24 July 27 Sold 6,700 Calculate the cost of goods sold and the ending inventory if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average costing methods. (Round weighted-average cost per unit to 4 decimal places. Round the final answers to the nearest whole dollar.)
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 3,500 $ 21 July 13 Purchased 1,400 22 July 17 Purchased 2,100 23 July 25 Purchased 1,400 24 July 27 Sold 6,700 Calculate the cost of goods sold and the ending inventory if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average costing methods. (Round weighted-average cost per unit to 4 decimal places. Round the final answers to the nearest whole dollar.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 | 3,500 | $ | 21 | |
| July 13 | Purchased | 1,400 | 22 | ||
| July 17 | Purchased | 2,100 | 23 | ||
| July 25 | Purchased | 1,400 | 24 | ||
| July 27 | Sold | 6,700 | |||
Calculate the cost of goods sold and the ending inventory if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average costing methods. (Round weighted-average cost per unit to 4 decimal places. Round the final answers to the nearest whole dollar.)
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