Alrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod but applies its Inventory costing method at the end of each perlod as if it uses a periodic Inventory system. The following are the transactions for the month of July. Units 2,000 1,eee 6,000 3,000 8,000 5,e00 Unit Cost $ 25 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased 29 31 Sold Calculate the cost of goods avalable for sale, ending Inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) welghted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold
Alrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod but applies its Inventory costing method at the end of each perlod as if it uses a periodic Inventory system. The following are the transactions for the month of July. Units 2,000 1,eee 6,000 3,000 8,000 5,e00 Unit Cost $ 25 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased 29 31 Sold Calculate the cost of goods avalable for sale, ending Inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) welghted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The periodic method of inventory is a different method that says inventory should be calculated at the end of the accounting period.
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