M7-19 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under FIFO and LIFO (Perpetual Inventory) [LO 7-S1] 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 perpetual inventory system. The following are the transactions for the month of July. Units Unit Cost July 1 Beginning Inventory 2,700 $ 47 July 5 Sold 1,350 July 13 Purchased 6,700 51 July 17 Sold 3,700 July 25 Purchased 8,700 57 July 27 Sold 5,700 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO.
M7-19 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under FIFO and LIFO (Perpetual Inventory) [LO 7-S1] 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 perpetual inventory system. The following are the transactions for the month of July. Units Unit Cost July 1 Beginning Inventory 2,700 $ 47 July 5 Sold 1,350 July 13 Purchased 6,700 51 July 17 Sold 3,700 July 25 Purchased 8,700 57 July 27 Sold 5,700 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO.
Chapter1: Financial Statements And Business Decisions
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M7-19 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under FIFO and LIFO (Perpetual Inventory) [LO 7-S1]
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 perpetual inventory system. The following are the transactions for the month of July.
| Units | Unit Cost | ||||
| July 1 | Beginning Inventory | 2,700 | $ | 47 | |
| July 5 | Sold | 1,350 | |||
| July 13 | Purchased | 6,700 | 51 | ||
| July 17 | Sold | 3,700 | |||
| July 25 | Purchased | 8,700 | 57 | ||
| July 27 | Sold | 5,700 | |||
Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO.
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