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Exercise 8-13 (Static) Inventory cost flow methods; periodic system (LO8-1,8-4) Altira Corporation provides the following inf
FIFO LIFO Average Cost Cost per cost of Goods of units Determine the inventory balance Altira would report in its August 31,


Check my work FIFO LIFO Average Cost points Determine the inventory balance Altira would report in its August 31, 2021, balan
Help Save & Exit Sube Check my worlu FIFO uro Average Cost Determine the Inventory balance Altire would report in its August
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Answer #1
FIFO METHDO
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD ENDING INVENTORY
Date Particulars No. of Units Cost Per unit Total No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Ending invetory
Aug, 01 Beginning inventory 2000 $                5.30 $10,600 2000 $           5.30 $10,600
Purchases:
Aug, 08 Purchases 8000 $                5.50 $44,000 8000 $           5.50 $44,000
Aug, 18 Purchases 6000 $                5.60 $33,600 3000 $           5.60 $16,800 3000 $           5.60 $16,800
Aug, 28 Purchases 4000 $                5.80 $23,200 4000 $           5.80 $23,200
Total                  20,000 $1,11,400              13,000 $71,400                7,000 $40,000
LIFO METHDO
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD ENDING INVENTORY
Date Particulars No. of Units Cost Per unit Total No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Ending invetory
Aug, 01 Beginning inventory 2000 $                5.30 $10,600 2000 $           5.30 $10,600
Purchases:
Aug, 08 Purchases 8000 $                5.50 $44,000 3000 $           5.50 $16,500 5000 $           5.50 $27,500
Aug, 18 Purchases 6000 $                5.60 $33,600 6000 $           5.60 $33,600
Aug, 28 Purchases 4000 $                5.80 $23,200 4000 $           5.80 $23,200
Total                  20,000 $1,11,400              13,000 $73,300                7,000 $38,100
Average Cost Method
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD ENDING INVENTORY
Date Particulars No. of Units Cost Per unit Total No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Ending invetory
Aug, 01 Beginning inventory 2000 $                5.30 $10,600
Purchases:
Aug, 08 Purchases 8000 $                5.50 $44,000
Aug, 18 Purchases 6000 $                5.60 $33,600
Aug, 28 Purchases 4000 $                5.80 $23,200
Total                  20,000 $5.57 $1,11,400              13,000 $5.57 $72,410                7,000 $5.57 $38,990
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