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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. July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Required A Required B 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. Beginning Inventory Purchases July 13 July 25 Units 2,000 1,000 6,000 3,000 8,000 5,000 Complete this question by entering your answers in the tabs below. Total Purchases Unit Cost $ 40 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO. FIFO (Perpetual) 44 50 Units Cost per Unit $ Total 0 0

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. 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. Complete this question by entering your answers in the tabs below. Caiculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO

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