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Calculate Cost of Goods Sold and Ending Inventory under FIFO and LIFO (Perpetual Inventory) [LO 7-S1]
| 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 | |
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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