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 July 5 July 13 July 17 July 25 July 27 Beginning Inventory 2,000 $ 35 Sold 1,000 Purchased 6,000 37 Sold 3,000 Purchased Sold 8,000 39 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.) Weighted Average FIFO LIFO Cost Cost of Goods Available for Sale $ 280,000 $ 0 $ 0 Ending Inventory Cortal Goods Sold

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 July 5 July 13 July 17 July 25 July 27 Beginning Inventory 2,000 $ 35 Sold 1,000 Purchased 6,000 37 Sold 3,000 Purchased Sold 8,000 39 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.) Weighted Average FIFO LIFO Cost Cost of Goods Available for Sale $ 280,000 $ 0 $ 0 Ending Inventory Cortal Goods Sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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