Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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. Unit Cost $40 July 1 July 5 July 13 July 17 July 25 July 27 44 Units 2,000 1,000 6,000 3,000 8,000 5,000 Beginning Inventory Sold Purchased Sold Purchased Sold 46 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.) X Answer is complete but not entirely correct. FIFO LIFO Cost of Goods Available for Sale $ 744,000 X $ 744,000 350,000 X 300,000 $ 394,000 X $ 444,000 Ending Inventory Cost of Goods Sold Weighted Average Cost $ 744,000 325,500 X $ 418,500 X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Oil And Gas Accounting

Authors: Steven M. Bragg

2nd Edition

1642210668, 9781642210668

More Books

Students also viewed these Accounting questions