Please help explain.
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1 | Inventory on hand—3,100 units; cost $6.40 each. |
8 | Purchased 15,500 units for $6.60 each. |
14 | Sold 12,400 units for $13.10 each. |
18 | Purchased 9,300 units for $6.70 each. |
25 | Sold 11,400 units for $12.10 each. |
28 | Purchased 5,100 units for $5.80 each. |
31 | Inventory on hand—9,200 units. |
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.
1. 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 the FIFO method. (Round "Cost per Unit" to 2 decimal places.)
|
2. 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 the LIFO method. (Round "Cost per Unit" to 2 decimal places.)
|
3. 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 the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.)
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FIFO | |||||||||
Purchases | Cost of Goods Sold | Ending Inventory | |||||||
Date | Unit | Unit Cost | Total Cost | Unit | Unit Cost | Total Cost | Unit | Unit Cost | Total Cost |
Aug 1 | 3,100 | $ 6.40 | $ 19,840 | ||||||
Aug 8 | 15,500 | $ 6.60 | $ 102,300 | 15,500 | $ 6.60 | $ 102,300 | |||
Aug 18 | 5,100 | $ 5.80 | $ 29,580 | 5,100 | $ 5.80 | $ 29,580 | |||
Aug 14 | 3,100 | $ 6.40 | $ 19,840 | 6,200 | $ 6.60 | $ 40,920 | |||
9,300 | $ 6.60 | $ 61,380 | 5,100 | $ 5.80 | $ 29,580 | ||||
Aug 18 | 6,200 | $ 6.60 | $ 40,920 | ||||||
3,000 | $ 5.80 | $ 17,400 | 2,100 | $ 5.80 | $ 12,180 | ||||
Cost of Godos Sold | 21,600 | $ 139,540 | |||||||
Ending Inventory | 2,100 | $ 12,180 | |||||||
LIFO | |||||||||
Purchases | Cost of Goods Sold | Ending Inventory | |||||||
Date | Unit | Unit Cost | Total Cost | Unit | Unit Cost | Total Cost | Unit | Unit Cost | Total Cost |
Aug 1 | 3,100 | $ 6.40 | $ 19,840 | ||||||
Aug 8 | 15,500 | $ 6.60 | $ 102,300 | 15,500 | $ 6.60 | $ 102,300 | |||
Aug 18 | 5,100 | $ 5.80 | $ 29,580 | 5,100 | $ 5.80 | $ 29,580 | |||
Aug 14 | 5,100 | $ 5.80 | $ 29,580 | 3,100 | $ 6.40 | $ 19,840 | |||
7,300 | $ 6.60 | $ 48,180 | 8,200 | $ 6.60 | $ 54,120 | ||||
Aug 18 | 8,200 | $ 6.60 | $ 54,120 | ||||||
1,000 | $ 6.40 | $ 6,400 | 2,100 | $ 6.40 | $ 13,440 | ||||
Cost of Godos Sold | 21,600 | $ 138,280 | |||||||
Ending Inventory | 2,100 | $ 13,440 | |||||||
Weighted Average | |||||||||
Purchases | Cost of Goods Sold | Ending Inventory | |||||||
Date | Unit | Unit Cost | Total Cost | Unit | Unit Cost | Total Cost | Unit | Unit Cost | Total Cost |
Aug 1 | 3,100 | $ 6.40 | $ 19,840 | ||||||
Aug 8 | 15,500 | $ 6.60 | $ 102,300 | ||||||
Aug 18 | 5,100 | $ 5.80 | $ 29,580 | ||||||
Total | 23,700 | $ 6.40 | $ 151,720 | ||||||
21,600 | $ 6.402 | $ 138,276 | 2,100 | $ 6.402 | $ 13,444 | ||||
Cost of Godos Sold | 21,600 | $ 138,276 | |||||||
Ending Inventory | 2,100 | $ 13,444 |
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