Aircard Corporation tracks the number of units purchased and sold during each accounting period, but applies the
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Question:
Aircard Corporation tracks the number of units purchased and sold during each accounting period, but applies the inventory costing method at the end of each period as if it were using a periodic inventory system. Below are the transactions for the month of July.
units | The unit cost | ||||||
1 July | Starting Inventory | 2.500 | $ | 35 | |||
July 5th | Sold out | 1.500 | |||||
july 13 | Purchased | 6.500 | 39 | ||||
17 July | Sold out | 3.500 | |||||
25 July | Purchased | 8.500 | 41 | ||||
July 27 | Sold out | 5.500 | |||||
If Aircard uses ( a ) FIFO, ( b ) LIFO, or ( c ) weighted average cost,
calculate the cost of goods available for sale, finished inventory, and goods sold.
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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