Homework Answers
| a) Cost of good sold and ending inventory | in $ | |
| Weighted average cost method | ||
| Weighted average cost (402000/8) | 50250 | |
| Ending Inventory (50250*4) | 201000 | |
| Cost of good sold | ||
| Cost of good available for sale | 402000 | |
| Ending Inventory | 201000 | |
| Cost of good sold | 201000 | |
| b) | ||
| FIFO | ||
| Ending Inventory | ||
| From purchase Aug 3 | 153000 | |
| 22-Jul | 50000 | |
| 203000 | ||
| Cost of good sold | ||
| Cost of good available for sale | 402000 | |
| Ending Inventory | 203000 | |
| Cost of good sold | 199000 | |
| If any doubt please comment | ||
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Beginning Inventory
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July 5
Sold
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July 13
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Sold
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calculate the cost of goods
available for sale, ending inventory, and cost of goods sold if
Aircarf uses (a) FIFO, (b) LIFO, or (c) weighted average
cost.
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 July 5 July 13...
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considered to be one of the best on the market. Information follows
for Oriole’s purchases and sales of the ultra-lightweight snowboard
in October:
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sold throughout each accounting period but applies its inventory
costing method at the end of each period as if it uses a periodic
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Unit Cost
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2,000
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July 5
Sold
1,000
July 13
Purchased
6,000
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July 17
Sold
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Purchased
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Sold
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