M7-7 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) [LO 7-3]

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		$	35
July 5	Sold		1,500
July 13	Purchased		6,500			39
July 17	Sold		3,500
July 25	Purchased		8,500			41
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	$689,500	$689,500	$689,500
Ending Inventory	287,000
Cost of Goods Sold	$402,500