### Chapter 7 Homework#### Question 3**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.**| Date | Description | Units | Unit Cost ||-------|---------------------|-------|-----------|| July 1 | Beginning Inventory | 2,000 | $40 || July 5 | Sold | 1,000 | || July 13 | Purchased | 6,000 | $44 || July 17 | Sold | 3,000 | || July 25 | Purchased | 8,000 | $50 || July 27 | Sold | 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).****Graphs or Diagrams Explanation:**There are no graphs or diagrams provided in the image. The table lists transactions and inventory details including dates, descriptions, units, and unit costs.

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Answered: Calculate the cost of goods available…

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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