Bombays
Oct 22, 2012, 02:46 PM
The following are the transactions for the month of July.
Units Unit cost
July 1 Beginning Inventory 2,200 $ 18
July 5 Sold 1,000
July 13 Purchased 5,900 24
July 17 Sold 2,900
July 25 Purchased 8,300 25
July 27 Sold 5,100
Required:
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. Assume a periodic inventory system is used. (Input all amounts as positive values. Round Weighted average cost per unit to 2 decimal places. Round your final answers to the nearest dollar amount. Omit $ sign in your response.)
FIFO LIFO Weighted
Average
Cost of Goods available for sale $ $ $
Ending inventory $ $ $
Cost of goods sold $ $ $
Units Unit cost
July 1 Beginning Inventory 2,200 $ 18
July 5 Sold 1,000
July 13 Purchased 5,900 24
July 17 Sold 2,900
July 25 Purchased 8,300 25
July 27 Sold 5,100
Required:
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. Assume a periodic inventory system is used. (Input all amounts as positive values. Round Weighted average cost per unit to 2 decimal places. Round your final answers to the nearest dollar amount. Omit $ sign in your response.)
FIFO LIFO Weighted
Average
Cost of Goods available for sale $ $ $
Ending inventory $ $ $
Cost of goods sold $ $ $