Question

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Altira Corporation provides the following Information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-4,880 units; cost $7.30 each. 8 Purchased 20,00 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.60 each. 25 Sold 15, eee units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand-11,800 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. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost 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.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO # of units Cost Cost of Goods Available per unit for Sale of units sold Cost per unit Cost of Goods Sold #of units in ending inventory Cost Ending per unit Inventory Beginning Inventory Purchases: August 8 August 18 August 28 Total FIFO LIFO >

Answer 1

Periodic: FIFO cost of Goods Available for sales Cost of Goods Sold Inventory Balance cost of Goods Available for # of Units Cost Per Cost of # of Cost Per Ending # of Units Cost Per Unit sales sold Unit Goods Sold Units Unit Inventory Beginning inventory 4000 7.30 29200 4000 7.30 29200 7.30 Purchases Aug-08 20000 7.50 150000 20000 7.501 150000 0 7.50 Aug-18 12000 7.60 91200 7000 7.60 53200 5000 7.60 38000 Aug-28 6000 5.80 348001 o 6000 5.80 34800 Totals 420001 305200 31000 232400 11000 728001 5.80 Periodic : LIFO cost of Goods Available for sales Cost of Goods Sold Inventory Balance cost of Goods Available for # of Units Cost Per Cost of # of Cost Per Ending # of Units Cost Per Unit sales sold Unit Goods Sold Units Unit Inventory Beginning inventory 4000 7.30 29200 07.30 0 4000 7.301 292001 Purchases Aug-08 20000 7.50 150000 13000 7.50 97500 7000 7.50 525001 Aug-181 12000 912000 12000 7.60 912001 0 7.601 Aug-281 60001 5.80 34800 6000 5.80 5.80 Totals 42000 305200 31000 | 223500 11000 81700 7.60

Periodic: average Cost cost of Goods Available for sales Cost of Goods Sold Inventory Balance cost of Goods Average Average Average Cost Available for # of Units Cost per cost of # of Cost per Ending # of Units per unit sales sold unit Goods Sold Units unit Inventory Beginning inventory 4000 29200 Purchases Aug-08 20000 150000 Aug-18 12000 91200 Aug-28 6000 34800 Totals 42000 7.27 305200 31000| 7.27 225370 11000| 7.27| 79970