Question

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,800 units; cost $6.10 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18 Purchased 8,400 units for $6.40 each. 25 Sold 10, 200 units for $11.80 each. 28 Purchased 4.800 units for $5.80 each. 31 Inventory on hand-8,600 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 the LIFO cost flow method. Complete this question by entering your answers in the tabs below. LIFO 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.) LIFO Cost of Goods Available for Sale Cost Cost of Goods # of units per Available for Sale Cost of Goods Sold - Periodic LIFO Cost # of units sold Cost of Goods per unit Sold $ 0.00 $ Ending Inventory - Periodic LIFO # of units in Cost Ending ending per unit Inventory inventory $ 0.00 unit Beginning Inventory Purchases: August 8 August 18 August 28 Total $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0 LIFO next

Answer 1

LIFO	Cost of goods available for sale			Cost of goods sold-Periodic LIFO			Ending inventory-Periodic LIFO
	# of units	Cost per unit	Cost of goods available for sale	# of units sold	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending inventory
Beginning inventory	2800	6.10	17080				2800	6.10	17080
Purchases
August 8	14000	6.30	88200	8200	6.30	51660	5800	6.3	36540
August 18	8400	6.40	53760	8400	6.4	53760
August 28	4800	5.80	27840	4800	5.8	27840
Total	30000		186880	21400		133260	8600		53620