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. Given the following information, 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.
Answer to relevant QuestionsIn its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $ 7 on January 1, (2) 450 units at $ 8 on January 8, and (3) 750 units at $ ...David H. Brooks, a university graduate with an accounting degree and the former CEO of DHB Industries, Inc., was charged in October 2007 with accounting and securities fraud for failing to report the company’s inventory at ...Refer to the information in E7- 2. a. Included in Inventory (and Accounts Payable) are $ 10,000 of lenses held on consignment. b. Included in the Inventory balance are $ 5,000 of office supplies held in SLC’s warehouse. ...Smart Company prepared its annual financial statements dated December 31. The company used the FIFO inventory costing method, but it failed to apply LCM to the ending inventory. The preliminary income statement ...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 ...
Post your question