Aircard Corporation tracks the number of units purchased and sold throughout each accounting period, but applies its

Question:

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) Weighted average cost.

Units Unit Cost July 1 Beginning Inventory 2,000 $20 July 5 Sold 1,000 July 13 Purchased 6,000 22 July 17 Sold 3,000 July 25 Purchased 8,000 25 July 27 Sold 5,000

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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