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Aircard Corporation tracks the number of units purchased and sold during each accounting period, but applies the inventory costing method at the end of each

Aircard Corporation tracks the number of units purchased and sold during each accounting period, but applies the inventory costing method at the end of each period as if it were using a periodic inventory system. Below are the transactions for the month of July.

unitsThe unit cost
1 JulyStarting Inventory2.500$35
July 5thSold out1.500
july 13Purchased6.50039
17 JulySold out3.500
25 JulyPurchased8.50041
July 27Sold out5.500


If Aircard uses ( a ) FIFO, ( b ) LIFO, or ( c ) weighted average cost, 

calculate the cost of goods available for sale, finished inventory, and goods sold.

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To calculate the cost of goods available for sale we need to add up the cost of starting inventory and purchases Starting inventory cost 2500 units 35 ... blur-text-image

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