2.00 points M7-7 Calculating Cost of Goods Available for Sale, Cost of Goods Sol

Question

2.00 points M7-7 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending inventory under FIFO, LIFO, and weighted Average Cost (Periodic Inventory) [LO 7-3] 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 July1 Beginning Inventory July 5 Sold July 13 Purchased July 17 Sold July 25 Purchased July 27 Sold Units Unit Cost 2,000 S35 1,000 6,000 3,000 8,000 5,000 37 39 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.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold $604,000604,000604,000 255,000 273,000 $331,000349,000

Explanation / Answer

Q1. STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jul 2000 35 70000 2000 35 70000 Purchasse 13-Jul 6000 37 222000 6000 37 222000 25-Jul 8000 39 312000 1000 39 39000 7000 39 273000 TOTAL 16000 604000 9000 331000 7000 273000 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jul 2000 35 70000 2000 35 70000 Purchasse 13-Jul 6000 37 222000 1000 37 37000 5000 37 185000 25-Jul 8000 39 312000 8000 39 312000 TOTAL 16000 604000 9000 349000 7000 255000 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jul 2000 35 70000 Purchasse 13-Jul 6000 37 222000 25-Jul 8000 39 312000 TOTAL 16000 37.75 604000 9000 37.75 339750 7000 37.75 264250 FIFO LIFO Average Cost of Goods available for sale 604000 604000 604000 Ending inventory 273000 255000 264250 Cost of Goods sold 331000 349000 339750

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.