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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. 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.) Required information [The following information applies to the questions displayed below.] During fiscal 2014, Respberry, Incorporation wrote down its RB10 smartphone inventory by approximately $1,701,000,000 because its cost exceeded its net realizable value. Prepare the journal entry that the company would have made to record the above adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the inventory write down of $1,701,000,000 to LCM. Note: Enter debits before credits
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