Altira Corporation provides the following information related to its inventory during the month of August 2024:

August 1	Inventory on hand4,200 units; cost $6.40 each.
August 8	Purchased 16,800 units for $6.60 each.
August 14	Sold 12,600 units for $13.10 each.
August 18	Purchased 12,600 units for $6.70 each.
August 25	Sold 14,700 units for $12.10 each.
August 28	Purchased 8,400 units for $6.90 each.
August 31	Inventory on hand14,700 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.

Altira Corporation provides the following information related to its inventory during the month of August 2024:

August 1	Inventory on hand4,200 units; cost $6.40 each.
August 8	Purchased 16,800 units for $6.60 each.
August 14	Sold 12,600 units for $13.10 each.
August 18	Purchased 12,600 units for $6.70 each.
August 25	Sold 14,700 units for $12.10 each.
August 28	Purchased 8,400 units for $6.90 each.
August 31	Inventory on hand14,700 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.

Altira Corporation provides the following information related to its inventory during the month of August 2024:

August 1	Inventory on hand4,200 units; cost $6.40 each.
August 8	Purchased 16,800 units for $6.60 each.
August 14	Sold 12,600 units for $13.10 each.
August 18	Purchased 12,600 units for $6.70 each.
August 25	Sold 14,700 units for $12.10 each.
August 28	Purchased 8,400 units for $6.90 each.
August 31	Inventory on hand14,700 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.

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	Number of units	Cost per unit	Cost of Goods Available for Sale	Number of units sold	Cost per unit	Cost of Goods Sold	Number of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	4,200	$6.40	$26,880		$6.40			$6.40	$0
Purchases:
August 8	16,800	$6.60	110,880		$6.60			$6.60	0
August 18	12,600	$6.70	84,420		$6.70			$6.70
August 28	8,400	$6.90	57,960		$6.90			$6.90
Total	42,000		$280,140	0		$0	0		$0

• FIFO
• LIFO