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 $ 30 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold 2,000 1,000 6,000 3,000 8,000 5,000 Purchased 34 Sold Purchased 36 Sold 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.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale 552,000 2$ 552,000 S 552,000 Ending Inventory Cost of Goods Sold
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 $ 30 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold 2,000 1,000 6,000 3,000 8,000 5,000 Purchased 34 Sold Purchased 36 Sold 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.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale 552,000 2$ 552,000 S 552,000 Ending Inventory Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
$ 30
July 1
July 5
July 13
July 17
July 25
July 27
Beginning Inventory
Sold
2,000
1,000
6,000
3,000
8,000
5,000
Purchased
34
Sold
Purchased
36
Sold
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.)
Weighted Average
Cost
FIFO
LIFO
Cost of Goods Available for Sale
552,000
$
552,000
$
552,000
Ending Inventory
Cost of Goods Sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0d056bc-61c4-4794-986b-74b38044091c%2F9736410f-0412-456f-b94c-d90997755be9%2Fk9xqa4n_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.
Units
Unit Cost
$ 30
July 1
July 5
July 13
July 17
July 25
July 27
Beginning Inventory
Sold
2,000
1,000
6,000
3,000
8,000
5,000
Purchased
34
Sold
Purchased
36
Sold
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.)
Weighted Average
Cost
FIFO
LIFO
Cost of Goods Available for Sale
552,000
$
552,000
$
552,000
Ending Inventory
Cost of Goods Sold
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