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 1July 5July 13July 17July 25July 27Beginning InventorySoldPurchasedSoldPurchasedSoldCost of Goods Available for SaleEnding InventoryCost of Goods SoldUnits2,0001,0006,000S3,0008,0005,000$Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weightedaverage cost. (Round "Cost per Unit" to 2 decimal places.)Unit Cost$ 4547Answer is complete but not entirely correct.LIFOWeightedAverage Cost764,000194,250147,000FIFO764,000 $343,000421,000 $49764,000343,000147,000

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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

There are two methods of verification of materials.They are periodic inventory system and perpetual…

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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. 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.)

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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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