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 Beginning Inventory Sold Purchased Sold Purchased July 25 July 27 Sold 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.) $ Unit Cost $ 45 Answer is not complete. FIFO LIFO 792,000 $ 792,000 Weighted Average Cost 792.000
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 Beginning Inventory Sold Purchased Sold Purchased July 25 July 27 Sold 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.) $ Unit Cost $ 45 Answer is not complete. FIFO LIFO 792,000 $ 792,000 Weighted Average Cost 792.000
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 Beginning Inventory
July 5
Sold
July 13
Purchased
July 17
Sold
July 25
Purchased
July 27 Sold
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.)
$
Unit Cost
$ 45
Answer is not complete.
FIFO
792,000 $
LIFO
792,000
Weighted
Average Cost
792,000
$
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