Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventorycosting method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month ofJuly.July 1 Beginning InventoryJuly 5SoldPurchasedSoldPurchasedSoldJuly 13July 17July 25July 27Cost of Goods Available for SaleEnding InventoryCost of Goods Sold$Units:2,0001,0006,000$3,0008,0005,000Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO. (b) LIFO, or (c) weightedaverage cost. (Round "Cost per Unit" to 2 decimal places.)FIFOUnit Cost$ 50872,000392,000480,0005456LIFOWeighted AverageCost

Name: Aircard Corporation tracks the number of units purchased and sold thr
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Description: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventorycosting method at the end of each period as if it uses a periodic inventory system. The following are the transactions for t

Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

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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 period as if it uses a periodic inventory system. The following are the transactions for the month of July. July 1 July 5 July 13 July 17 Sold July 25 July 27 Sold Beginning Inventory Sold Purchased Purchased Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Units 2,000 1,000 6,000 3,000 8,000 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.) $ FIFO Unit Cost $ 50 54 56 872,000 392,000 480,000 LIFO Weighted Average Cost

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. July 1 July 5 July 13 July 17 Sold July 25 July 27 Sold Beginning Inventory Sold Purchased Purchased Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Units 2,000 1,000 6,000 3,000 8,000 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.) $ FIFO Unit Cost $ 50 54 56 872,000 392,000 480,000 LIFO Weighted Average Cost

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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