Question
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
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.
|
| Units | Unit Cost | ||
July 1 | Beginning Inventory | 2,500 | $ | 25 |
|
July 5 | Sold | 1,500 |
|
|
|
July 13 | Purchased | 6,500 |
| 29 |
|
July 17 | Sold | 3,500 |
|
|
|
July 25 | Purchased | 8,500 |
| 31 |
|
July 27 | Sold | 5,500 |
|
|
|
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.)
| FIFO | LIFO | WEIGHTED AVERAGE COST |
Cost of Goods Available for Sale |
|
|
|
Ending Inventory |
|
|
|
Cost of Goods Sold |
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started