Units Unit Cost July 1 Beginning Inventory 2000 $35 July 5 Sold 1000 July 13 Purchased 6000 37 July 17 Sol...
| Units | Unit Cost | ||
| July 1 | Beginning Inventory | 2000 | $35 |
| July 5 | Sold | 1000 | |
| July 13 | Purchased | 6000 | 37 |
| July 17 | Sold | 3000 | |
| July 25 | Purchased | 8000 | 39 |
| July 27 | Sold | 5000 |
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.
| FIFO | LIFO | Weight Average Cost | |
| Costs of Goods Available For Sale | |||
| Ending Inventory | |||
| Costs of Good Sold |
Homework Answers
Calculate following
| FIFO | LIFO | Weighted average cost | |
| Cost of goods available for sale | 604000 | 604000 | 604000 |
| Ending inventory | 7000*39 = 273000 | (5000*37+70000) = 255000 | 604000/16000*7000 = 264250 |
| Cost of goods sold | 604000-273000 = 331000 | 604000-255000 = 349000 | 604000-264250 = 339750 |
Add Answer to:
Units Unit Cost July 1 Beginning Inventory 2000 $35 July 5 Sold 1000 July 13 Purchased 6000 37 July 17 Sol...
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
$
35
July 5
Sold
1,000
July 13
Purchased
6,000
37
July 17
Sold
3,000
July 25
Purchased
8,000
39
July 27
Sold
5,000
Calculate the cost of...
calculate the cost of goods available for sale, ending inventory, and cost of goods sold if...
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...
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. Unit Cost $20 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Bold Purchased Sold Units 2.000 1,000 6,000 3.000 8.000 5,000 Calculate the cost of goods available for...
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 unit cost $45 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold units 2,000 1.000 6. ee 3.000 8.00 5,000 Calculate the cost of goods available...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weig...
M7-10 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. Unit Cost $20 July 1 July 5 July 13 July...
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Alrcard 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. Unit Cost $20 July 1 July 5 July 13 July 17 July 25 July 27 Reginning Inventory Sold Purchased Sold Purchased Sold Units 2,000 1,000 6.000 3,000 8.000 5.000 Calculate the cost of goods available for...
Accounting
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. UnitsUnit CostJuly 1Beginning Inventory2,000$ 25July 5Sold1,000July 13Purchased6,00029July 17Sold3,000July 25Purchased8,00031July 27Sold5,000 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...
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. Unit Units Cost $45 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold 2,500 1,250 6,500 3,500 8.500 55 200CE Calculate the cost of ending inventory...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory cost...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki’s records show the following for the month of January. Sales totaled 300 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 220 $ 80 $ 17,600 Purchase January 15 310 90 27,900 Purchase January 24 270 110 29,700 Calculate the cost...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 250 units between January 16 and 23. Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods
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
$
35
July 5
Sold
1,000
July 13
Purchased
6,000
37
July 17
Sold
3,000
July 25
Purchased
8,000
39
July 27
Sold
5,000
Calculate the cost of...
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...
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. Unit Cost $20 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Bold Purchased Sold Units 2.000 1,000 6,000 3.000 8.000 5,000 Calculate the cost of goods available for...
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 unit cost $45 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold units 2,000 1.000 6. ee 3.000 8.00 5,000 Calculate the cost of goods available...
M7-10 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. Unit Cost $20 July 1 July 5 July 13 July...
Alrcard 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. Unit Cost $20 July 1 July 5 July 13 July 17 July 25 July 27 Reginning Inventory Sold Purchased Sold Purchased Sold Units 2,000 1,000 6.000 3,000 8.000 5.000 Calculate the cost of goods available for...
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. Unit Units Cost $45 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold 2,500 1,250 6,500 3,500 8.500 55 200CE Calculate the cost of ending inventory...
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