Altira Corporation provides the following information related to its inventory during the month of August 2024:...
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Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-5,600 units; cost $7.10 each. August & Purchased 22,400 units for $7.30 each. August 14 Sold 16,800 units for $13.80 each. August 18 Purchased 16,800 units for $7.40 each. August 25 Sold 19,600 units for $12.80 each. August 28 Purchased 11,200 units for $7.60 each. August 31 Inventory on hand-19,600 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 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, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method Cost of Goods Available for Sale Cost of Goods Sold-Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number of Cost Cost of Goods Available units per unit for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Beginning Inventory Purchases 5,600 $7.10 $ 39,760 5,600 $7.10 $ 39.760 Cost Ending per unit Inventory 0 $ 7.10 $ August 8 22,400 $7.30 163,520 22,400 $7.30 163,520 $7.30 0 August 18 16,800 $7.40 124,320 $7.40 $7.40 August 28 11,200 $760 85,120 $7.00 $7.60 Total 56,000 412,720 28.000 $ 203,280 o $ LIFO >> Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-5,600 units; cost $7.10 each. August & Purchased 22,400 units for $7.30 each. August 14 Sold 16,800 units for $13.80 each. August 18 Purchased 16,800 units for $7.40 each. August 25 Sold 19,600 units for $12.80 each. August 28 Purchased 11,200 units for $7.60 each. August 31 Inventory on hand-19,600 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 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 Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO LIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the LIFO method. Ending Inventory-Periodic LIFO Number of units Cost of Goods Sold in ending Inventory Beginning Inventory Purchases 5.600 $2.10 $ 39,760 $7.10 $ Cost Ending per unit Inventory $7.10 August 8 22,400 $7.30 163,520 $7.30 $7.30 August 18 16,800 $7.40 124,320 $7.40 $7.40 August 28 11,200 $7.60 85,120 $7.00 $7.60 0 Total 56.000 $ 412,720 0 $ $ 0 Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-5,600 units: cost $7.10 each. August & Purchased 22,400 units for $7.30 each. August 14 Sold 16,800 units for $13.80 each. August 18 Purchased 16,800 units for $7.40 each. August 25 Sold 19,600 units for $12.80 each. August 28 Purchased 11,200 units for $7.60 each. August 31 Inventory on hand-19,600 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 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 cost method. Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average Note: Round "Average Cost per Unit" to 2 decimal places. Cost of Goods Available for Sale) Cost of Goods Sold - Average Cost Average Cost Number of units Unit Cost Cost of Goods Available for Sale Number of units sold Average Cost per Unit Cost of Goods Sold Beginning Inventory Ending Inventory Average Cost Number of Average units in ending Cost per Inventory unit Ending Inventory 5,600 $7.10 S 39,760 Purchases August 8 22,400 $730 163.520 August 18 16,800 $740 124,320 August 28 11.200 $760 85,120 Total 56,000 $ 412.720 Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-5,600 units; cost $7.10 each. August & Purchased 22,400 units for $7.30 each. August 14 Sold 16,800 units for $13.80 each. August 18 Purchased 16,800 units for $7.40 each. August 25 Sold 19,600 units for $12.80 each. August 28 Purchased 11,200 units for $7.60 each. August 31 Inventory on hand-19,600 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 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, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method Cost of Goods Available for Sale Cost of Goods Sold-Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number of Cost Cost of Goods Available units per unit for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Beginning Inventory Purchases 5,600 $7.10 $ 39,760 5,600 $7.10 $ 39.760 Cost Ending per unit Inventory 0 $ 7.10 $ August 8 22,400 $7.30 163,520 22,400 $7.30 163,520 $7.30 0 August 18 16,800 $7.40 124,320 $7.40 $7.40 August 28 11,200 $760 85,120 $7.00 $7.60 Total 56,000 412,720 28.000 $ 203,280 o $ LIFO >> Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-5,600 units; cost $7.10 each. August & Purchased 22,400 units for $7.30 each. August 14 Sold 16,800 units for $13.80 each. August 18 Purchased 16,800 units for $7.40 each. August 25 Sold 19,600 units for $12.80 each. August 28 Purchased 11,200 units for $7.60 each. August 31 Inventory on hand-19,600 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 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 Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO LIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the LIFO method. Ending Inventory-Periodic LIFO Number of units Cost of Goods Sold in ending Inventory Beginning Inventory Purchases 5.600 $2.10 $ 39,760 $7.10 $ Cost Ending per unit Inventory $7.10 August 8 22,400 $7.30 163,520 $7.30 $7.30 August 18 16,800 $7.40 124,320 $7.40 $7.40 August 28 11,200 $7.60 85,120 $7.00 $7.60 0 Total 56.000 $ 412,720 0 $ $ 0 Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-5,600 units: cost $7.10 each. August & Purchased 22,400 units for $7.30 each. August 14 Sold 16,800 units for $13.80 each. August 18 Purchased 16,800 units for $7.40 each. August 25 Sold 19,600 units for $12.80 each. August 28 Purchased 11,200 units for $7.60 each. August 31 Inventory on hand-19,600 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 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 cost method. Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average Note: Round "Average Cost per Unit" to 2 decimal places. Cost of Goods Available for Sale) Cost of Goods Sold - Average Cost Average Cost Number of units Unit Cost Cost of Goods Available for Sale Number of units sold Average Cost per Unit Cost of Goods Sold Beginning Inventory Ending Inventory Average Cost Number of Average units in ending Cost per Inventory unit Ending Inventory 5,600 $7.10 S 39,760 Purchases August 8 22,400 $730 163.520 August 18 16,800 $740 124,320 August 28 11.200 $760 85,120 Total 56,000 $ 412.720
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