Question

help asap

8 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: points No.1 Inventory on hand).700 units cost $7.00 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $7.30 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10, 400 units. Skloped book Hint Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods References Complete this question by entering your answers in the tabs below.

Answer 1

Answers

FIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	3700	$                   7.00	$                      25,900.00	3700	$                 7.00	$               25,900.00	0	$                   7.00	$                         -
Purchases:
08-Aug	18500	$                   7.20	$                    133,200.00	18500	$                 7.20	$            133,200.00	0	$                   7.20	$                         -
18-Aug	11100	$                   7.30	$                      81,030.00	6400	$                 7.30	$               46,720.00	4700	$                   7.30	$          34,310.00
28-Aug	5700	$                   5.80	$                      33,060.00	0	$                 5.80	$                              -	5700	$                   5.80	$          33,060.00
TOTAL	39000		$                    273,190.00	28600		$            205,820.00	10400		$          67,370.00
LIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	3700	$                   7.00	$                      25,900.00	0	$                 7.00	$                              -	3700	$                   7.00	$          25,900.00
Purchases:
08-Aug	18500	$                   7.20	$                    133,200.00	11800	$                 7.20	$               84,960.00	6700	$                   7.20	$          48,240.00
18-Aug	11100	$                   7.30	$                      81,030.00	11100	$                 7.30	$               81,030.00	0	$                   7.30	$                         -
28-Aug	5700	$                   5.80	$                      33,060.00	5700	$                 5.80	$               33,060.00	0	$                   5.80	$                         -
TOTAL	39000		$                    273,190.00	28600		$            199,050.00	10400		$          74,140.00
Average Method	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	3700	$                   7.00	$                      25,900.00
Purchases:
08-Aug	18500	$                   7.20	$                    133,200.00
18-Aug	11100	$                   7.30	$                      81,030.00
28-Aug	5700	$                   5.80	$                      33,060.00
TOTAL	39000	$                7.01	$                    273,190.00	28600	$             7.0100	$            200,486.00	10400	$              7.0100	$          72,904.00