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Why am I getting the Ending Inventory and the Cost of Goods Sold sections wrong for the Weighted Average Cost column? Work I've done: Beginning
Why am I getting the Ending Inventory and the Cost of Goods Sold sections wrong for the Weighted Average Cost column?
Work I've done:
Beginning Inventory: 2,000 x $20= $40,000
Add: Purchases: [(6,000 x 24) + (8,000 x 26)]= $352,000
Goods Available for Sale: $392,000
Less: Ending Inventory: (7,000 x 25)= (175,000)
Cost of Goods Sold: $217,000
Where am I going wrong here?
M7-7 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under F 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 Beginning Inventory 2.000 $20 July 5 Sold 1,000 6.000 24 July 13 Purchased July 17 Sold 3.000 July 25 Purchased 8.000 26 July 27 Sold 5,000 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.) Answer is complete but not entirely correct Weighted LIFO Average Cost Cost of Goods Available for Sale 392,000 392,000 392,000 175.000 X 182.000 160.000 V Ending Inventory Cost of Goods Sold 210,000 232,000 217,000XStep by Step Solution
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