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

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 perpetual inventory system. The following are the transactions for the month of July.

		Units	Unit Cost
July 1	Beginning Inventory	2,600	$46
July 5	Sold	1,300
July 13	Purchased	6,600	50
July 17	Sold	3,600
July 25	Purchased	8,600	56
July 27	Sold	5,600

Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO.

(a)	FIFO

(b)	LIFO

Expert Solution

ekkarill92 answered 2 years ago

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

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 $ 40 July 5 Sold 1,000 July 13 Purchased 6,000 44 July 17 Sold 3,000 July 25 Purchased 8,000 46 July 27 Sold 5,000 Calculate the cost of...

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

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 $ 40 July 5 Sold 1,000 July 13 Purchased 6,000 42 July 17 Sold 3,000 July 25 Purchased 8,000 44 July 27 Sold 5,000 Calculate the cost of...

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

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 $ 50 July 5 Sold 1,000 July 13 Purchased 6,000 54 July 17 Sold 3,000 July 25 Purchased 8,000 56 July 27 Sold 5,000 Calculate the cost of...

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

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 $ 20 July 5 Sold 1,000 July 13 Purchased 6,000 24 July 17 Sold 3,000 July 25 Purchased 8,000 26 July 27 Sold 5,000 FIFO LIFO Weighted Average...

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

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 $ 50 July 5 Sold 1,500 July 13 Purchased 6,500 54 July 17 Sold 3,500 July 25 Purchased 8,500 56 July 27 Sold 5,500 Calculate the cost of...

Aircard corporation tracks the numbers of units purchased and sold throughout each accounting period but applies...

Aircard corporation tracks the numbers of units purchased and sold throughout each accounting period but applies the inventory coating method at the end of each period as it uses a periodic inventory system The following transactions July 1 Befinning inventory 2000 units cost 20.00 July 5th - Sold 1000 units July 13th - purchased 6000 units cost 22.00 July 17 sold 3000 July 25 purchased 8000 units cost 24.00 July 27 sold 5000 Calculate the cost of goods available for...

Aircard Corporation tracks the number of units purchased andsold throughout each accounting period but applies...

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 perpetual inventory system. The following are the transactions for the month of July.UnitsUnit CostJuly 1 Beginning Inventory2,200 $42 July 5 Sold1,100 July 13 Purchased6,200 46 July 17 Sold3,200 July 25 Purchased8,200 52 July 27 Sold5,200 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination...

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,400 $ 50 Transactions during the year: a. Purchase, January 30 2,100 62 b. Sale, March 14 ($100 each) (1,370...

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...

Gladstone Company 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 accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,400 $ 50 Transactions during the year: a. Purchase, January 30 4,700 65 b. Sale, March 14 ($100 each) (3,050...

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...

Gladstone Company 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 accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,600 $ 45 Transactions during the year: a. Purchase, January 30 2,300 49 b. Sale, March 14 ($100 each) (1,250...

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

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