Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand7,000 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. 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 st method. (Round cost per unit to 2 decimal places.) Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost per Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale 2,000 $ 5.30 $ 10,600 # of units sold Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit $ 5.30 $ 5.30 5.50 $ 5.50 $ 5.50 Beginning Inventory Purchases: August 8 August 18 August 28 Total 5.60 $ 5.60 $ 5.60 8,000 $ 6,000 $ 4,000 $ 20,000 44,000 33,600 23,200 111,400 5.80 $ 5.80 $ 5.80 $ FIFO LIFO > 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 Augu statement using the 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 of Goods Cost per # of units Cost of # of units Cost per Available for # of units in ending Cost per Ending unit sold unit Goods Sold unit Sale inventory Inventory Beginning Inventory 2,000 $ 5.30 $ 10,600 $ 5.30 5.30 Purchases: August 8 8,000 $ 5.50 44,000 5.50 5.50 August 18 6,000 $ 5.60 33,600 5.60 $ 5.60 August 28 4,000 $ 5.80 23,200 5.80 5.80 Total 20,000 $ 111,400 $ $ $ $ $ $
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 Average cost method. (Round cost per unit to 2 decimal places.) Average Cost Cost of Goods Available for Sale Cost of Goods Unit # of units Available for Cost Sale 2,000 $ 5.30 10,600 Cost of Goods Sold - Average Cost # of units Average Cost of sold Unit Goods Sold Ending Inventory - Average Cost # of units Average Ending Cost per in ending Inventory inventory unit Cost per $ Beginning Inventory Purchases: August 8 August 18 August 28 Total 44,000 33,600 8,000 $ 5.50 6,000 $ 5.60 4,000 $ 5.80 20,000 23,200 111,400 $
