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The following are the transactions for the month of July. Units Unit cost July 1 Beginning Inventory 2,000 $ 20 July 5 Sold 1,000 July
The following are the transactions for the month of July. Units Unit cost July 1 Beginning Inventory 2,000 $ 20 July 5 Sold 1,000 July 13 Purchased 6,000 22 July 17 Sold 3,000 July 25 Purchased 8,000 25 July 27 Sold 5,000 Required: 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. Assume a periodic inventory system is used. FIFO LIFO Weighted Average Cost of Goods available for sale $ ? $ ? $ ? Ending inventory $ ? $ ? $ ? Cost of goods sold $ ? $ ? $ ?
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