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Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but...

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Accounting

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 Beginning Inventory 2,000 $ 35
July 5 Sold 1,000
July 13 Purchased 6,000 37
July 17 Sold 3,000
July 25 Purchased 8,000 39
July 27 Sold 5,000

image

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 Cost FIFO LIFO $ 604,000 $ 604,000$ Cost of Goods Available for Sale 604,000 Ending Inventory Cost of Goods Sold

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