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M7-7 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Aircard...

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Accounting

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M7-7 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending 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 2,500 July 5 Sold July 13 Purchased July 17 Sold July 25 Purchased July 27 Sold 1,500 6,500 49 3,500 8,500 51 5,500 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 LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO 864,50o 864,500 $ 864.500 357,000 $ 507,500

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