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Business, 30.10.2021 23:40 gabrielrivasgom

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. Units Unit Cost July 1 Beginning Inventory 2,000 $ 40 July 5 Sold 1,000 July 13 Purchased 6,000 44 July 17 Sold 3,000 July 25 Purchased 8,000 50 July 27 Sold 5,000 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.

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Aircard Corporation tracks the number of units purchased and sold throughout each accounting period...

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