Answer Happy

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 Cost $ 40 July 1 July 5 July 13 July 17 July 25 July 27 44 Units 2,000 1,000 6,000 3,000 8,000 5,000 Beginning Inventory Sold Purchased Sold Purchased Sold 50 Required: Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO.
Required A Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO. FIFO (Perpetual) Units Total Cost per Unit $ 40 Beginning Inventory 2,000 80,000 Purchases $ 44 July 13 July 25 6,000 8,000 $ 50 Total Purchases 664,000 Goods Available for Sale $ 40 Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Units from July 25 Purchase 2,000 6,000 $ 44 $ 50 Total Cost of Goods Sold 344,000 Ending Inventory
Required A Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with LIFO. LIFO (Perpetual). Cost per Units Total Unit Beginning Inventory 0 Purchases July 13 July 25 Total Purchases 0 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Units from July 25 Purchase Total Cost of Goods Sold 0 Ending Inventory