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 periodic inventory system. The following are the transactions for the month of July. Units Unit Cost
July 1 Beginning Inventory 2,700 $47
July 5 Sold 1,350
July 13 Purchased 6,700 51
July 17 Sold 3,700
July 25 Purchased 8,700 57
July 27 Sold 5,700

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.

Aircard Corporation

Perpetual Inventory System

                                        FIFO           LIFO

Ending Inventory =     $418,950     $387,450

Cost of goods sold = $545,550    $577,050

Explanation:

a) Data and Calculations:

Date      Transactions             Units   Unit Cost  Total          

July 1     Beginning Inventory 2,700       $47      $126,900

July 5    Sold                           (1,350)                                      

July 13   Purchased                6,700          51        341,700    

July 17   Sold                          (3,700)                                          

July 25 Purchased                 8,700         57       495,900

July 27 Sold                          (5,700)  

July 31  Total available         18,100                   $964,500

July 31  Total units sold     (10,750)                

July 31  Ending Inventory     7,350                  

FIFO:

Cost of Ending Inventory

Date      Transactions             Units   Unit Cost  Total          Balance

July 1     Beginning Inventory 2,700       $47      $126,900   $126,900

July 5    Sold                           (1,350)                                       $63,450

July 13   Purchased                6,700          51        341,700      405,150

July 17   Sold                          (3,700)                                       221,850

July 25 Purchased                 8,700         57       495,900      717,750

July 27 Sold                          (5,700)                                        418,950

Ending Inventory = $418,950

Cost of goods sold = $545,550 ($964,500 -$418,950)    

LIFO:

Cost of Ending Inventory

Date      Transactions             Units   Unit Cost  Total          Balance

July 1     Beginning Inventory 2,700       $47      $126,900   $126,900

July 5    Sold                           (1,350)                                       $63,450

July 13   Purchased                6,700          51        341,700      405,150

July 17   Sold                          (3,700)                                       216,450

July 25 Purchased                 8,700         57       495,900     712,350

July 27 Sold                          (5,700)                                       387,450

Ending Inventory = $387,450

Cost of goods sold = $577,050  ($964,500 -$387,450)      

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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