Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand2,700 units; cost $6.00 each. 8 Purchased 13,500 units for $6.20 each. 14 Sold 10,800 units for $12.70 each. 18 Purchased 8,100 units for $6.30 each. 25 Sold 9,800 units for $11.70 each. 28 Purchased 4,700 units for $5.80 each. 31 Inventory on hand-8,400 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 incom 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 Cost Ending # 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 per unit Inventory 2,700 $ 6.00 $ 16,200 2,700 $ 6.00 $ 16,200 $ 6.00 $ 0 83,700 83,700 0 Beginning Inventory Purchases: August 8 August 18 August 28 Total 13,500 $ 6.20 8,100 $ 6.30 13,500 $ 6.20 4,400 $ 6.30 51,030 27,720 0 $ 6.20 22,310 $ 6.30 27,260 $ 5.80 140,553 4,700 $ 5,80 27,260 158,108 29,000 S 178,190 20,600 $ 127,620 49,570 $ 298,661 wwwwwwwwwwwww 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 LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost Cost Cost # of units Cost of Goods Available for Sale per unit # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory per unit per unit Beginning Inventory 2,700 $ 6.00 $ 16,200 0 $ 6.00 $ 0 16,200 $ 6.00 $ 97,200 Purchases: August 8 83,700 48,360 35,340 $ 6.20 219,108 13,500 $ 6.20 8,100 $ 6.30 4,700 $ 5.80 7,800 $ 6.20 8,100 $ 6.30 August 18 51,030 51,030 0 $ 6.30 0 August 28 27,260 4,700 $ 5.80 27,260 0 Total 29,000 178,190 20,600 99,390 51,540 $ 316,308 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 cost method. (Round "Average Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost # of units Unit Cost Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 2,700 $ 6.00 16,200 Purchases: August 8 83,700 August 18 13,500 $ 6.20 8,100 $ 6.30 4,700 $ 5.80 51,030 August 28 27,260 Total 29,000 $ 178,190 20,600 $ 6.14 $ 126,484 51,576 $ 6.14 $ 316,677
