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    Bombays's Avatar
    Bombays Posts: 1, Reputation: 1
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    #1

    Oct 22, 2012, 02:46 PM
    Accounting Problem, Using FIFO,LIFO, Weighted Average Methods
    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 $ $ $
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Oct 22, 2012, 04:33 PM
    What is it you want to know we don't provide model answers we will review your work but you learn accounting by doing
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