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 Beginning Inventory Sold Purchased Sold July 17 July 25 July 27 Sold Purchased Units 2,000 1,000 6,000 3,000 8,000 5,000 Unit Cost $45 47 49 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.)

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A:

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A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

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A: Step 1: Compute the ending inventory (in units) as follows:

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A: FIFO Cost of ending inventory  (210 x 7) + (40 x6) = 1710 Cost of goods sold = (100 x 5) + (325 x6)…

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A: FIFO (First-In, First-Out) method: Inventory is sold in the order it was purchased, with the oldest…

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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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A: FIFO (First In First Out) is the inventory valuation method that determines the cost of goods sold…

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A: The Store ledger has been made based on FIFO periodic methos as above.

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A: Beginning inventory=Units×Per units=2000×$25=$50,000

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A: Solution a: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: A company's inventory records show the following data for Date July 1 July 5 July 10 July 20 July 25…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.