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 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Units 2,000 1,000 Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold 6,000 3,000 8,000 5,000 Unit Cost $20 FIFO 24 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.) 26 LIFO Weighted Average Cost
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 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Units 2,000 1,000 Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold 6,000 3,000 8,000 5,000 Unit Cost $20 FIFO 24 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.) 26 LIFO Weighted Average Cost
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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
July 17
July 25
July 27
Beginning Inventory
Sold
Purchased
Sold
Purchased
Sold
Units
2,000
1,000
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold
6,000
3,000
8,000
5,000
Unit Cost
$20
FIFO
24
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.)
26
LIFO
Weighted
Average Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F79a306b5-b12e-4486-bac2-651d62b64ad5%2Fff204070-9b58-4bf0-aa41-401cb83e05a8%2F7sizdsm_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.
July 1
July 5
July 13
July 17
July 25
July 27
Beginning Inventory
Sold
Purchased
Sold
Purchased
Sold
Units
2,000
1,000
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold
6,000
3,000
8,000
5,000
Unit Cost
$20
FIFO
24
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.)
26
LIFO
Weighted
Average Cost
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for cost of goods available for sale
VIEWStep 3: Working for ending and cost of goods sold under FIFO Method
VIEWStep 4: Working for ending inventory and cost of goods sold using LIFO Method
VIEWStep 5: Working for ending inventory and cost of goods sold using Weighted Average
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