Question
In: Accounting
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 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.)
Solutions
Expert Solution
| Purchases | |||
| Date | Quantity | Units cost | Total cost |
| July. 1 | 2,000 | $ 50 | $ 100,000 |
| July. 13 | 6,000 | $ 54 | $ 324,000 |
| July. 25 | 8,000 | $ 56 | $ 448,000 |
| Cost of goods available for sale | $ 872,000 | ||
| (a) FIFO | (b) LIFO | (c) Weighted average | |
| Ending inventory | $ 392,000 | $ 370,000 | 381,500 |
| Cost of goods sold | $ 480,000 | $ 502,000 | 490,500 |
Working notes:
ekkarill92 answered 1 year agoRelated Solutions
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 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...
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
$
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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