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 3,300 $ 53 July 5 Sold 1,650 July 13 Purchased 7,300 57 July 17 Sold 4,300 July 25 Purchased 9,300 63 July 27 Sold 6,300 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.

Complete this question by entering your answers in the tabs below. Required A Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with LIFO LIFO (Perpetual) Cost per Unit Total Units Beginning Inventory Purchases July 13 July 25 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Units from July 25 Purchase Total Cost of Goods Sold Ending Inventory Required A Required B> Complete this question by entering your answers in the tabs below. Required B Required A Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO FIFO (Perpetual) Cost per Units Total Unit Beginning Inventory Purchases July 13 July 25 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Units from July 25 Purchase Total Cost of Goods Sold Ending Inventory Required A Required B