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

Scrappers Supplies tracks the number of units purchased and sold throughout each accounting perlod but applies Its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($48 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($48 each) 170 $ 32 330 34 (410) 220 38 (80) Required: 1-a. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost method perpetually at the time of each sale. TIP: The sale of 410 units on April 1 is assumed, under LIFO, to consist of the 330 units purchased March 2 and 80 units from beginning inventory. 1-b. Does the use of a perpetual inventory system result in a higher or lower Cost of Goods…

Park Company’s perpetual inventory records indicate the following transactions in the month of June:                                                                  1. Compute the cost of goods sold for June and the inventory at the end of June using each of the following cost flow assumptions:                              a. FIFO                                                                                                              b. LIFO                                                                                                              c. Average cost (Round unit costs to 3 decimal places and other amounts to the nearest dollar.)                                                                                         2. Next Level Why are the cost of goods sold and ending inventory amounts different for each of the three methods？what do these amounts tell us about the purchase price of inventory during the year?                      3. Next Level Which method produces…

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki’s records show the following for the month of January. Sales totaled 340 units.     Date Units Unit Cost Total Cost Beginning Inventory January 1 200 $ 80 $ 16,000 Purchase January 15 500 90 45,000 Purchase January 24 300 110 33,000   Required: Calculate the number and cost of goods available for sale. Calculate the number of units in ending inventory. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 310 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 140 470 240 Unit Cost $ 85 95 115 Total Cost $ 11,900 44,650 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

Mojo Industries 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. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $14 per unit. Transactions Inventory, January 1 Unit Cost Units Total Cost $ 5.00 190 $ 950 Sale, January 10 (140) Purchase, January 12 5.50 Sale, January 17 Purchase, January 26 6.50 240 (100) 70 1,320 455 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. Weighted average cost. b. First-in, first-out. c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. 2-a. Of the four methods, which will…

In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows (see attached). 1.Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to cents and totals to dollar.) 2.Explain the differences in gross margin produced by the three methods.

Gladstone Limited 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. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($12 each) c. Purchase, May 1 d. Sale, August 31 ($12 each) Required: Units 1,900 Unit Cost $ 4.00 2,500 6.00 (1,700) 1,200 (1,900) 8.00 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning…

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 260 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 360 240 Unit Cost $ 75 95 115 Total Cost $ 7,500 34,200 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.