Alrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod but applies its Inventory costing method at the end of each perlod as if it uses a periodic Inventory system. The following are the transactions for the month of July. Units 2,000 1,eee 6,000 3,000 8,000 5,e00 Unit Cost $ 25 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased 29 31 Sold Calculate the cost of goods avalable for sale, ending Inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) welghted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold
Alrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod but applies its Inventory costing method at the end of each perlod as if it uses a periodic Inventory system. The following are the transactions for the month of July. Units 2,000 1,eee 6,000 3,000 8,000 5,e00 Unit Cost $ 25 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased 29 31 Sold Calculate the cost of goods avalable for sale, ending Inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) welghted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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