Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,400 units; cost $5.70 each 8 Purchased 12,000 units for $5.90 each 14 Sold 9,600 units for $12.40 each. 18 Purchased 7,200 units for $6.00 each. 25 Sold 8,600 units for $11.40 each 28 Purchased 4,400 units for $5.80 each 31 Inventory on hand-7,800 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 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 method. (Round "Cost per Unit" to 2 decimal places.) Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost Cost Cost FIFO #of units sold Cost of Goods Sold # of units in ending inventory Cost of Goods Available for Sale Ending Inventory # of units per per unit per unit unit Beginning Inventory 2,400 5.70 8,000 5.70 0 5.70 13,680 45,600 0 Purchases: 9,600 $5.90 12,000 $5.90 4,800 $5.90 August 8 70,800 56,640 28,320 7,200 6.00 8,600 6.00 $6.00 August 18 43,200 51,600 3,400 20,400 August 28 Total 4,400 5.80 $5.80 45,240 25,520 0 7,800 $ 93,960 26,000 153,200 16,000 26,200 153,840 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 inc 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 #of units in Cost Cost Cost LIFO Cost of Goods Cost of Goods Sold Ending Inventory #of units sold #of units ending inventory per per unit per Available for Sale unit unit 2,400 5.70 $ 5.70 Beginning Inventory Purchases: $5.70 13,680 12,000 5.90 $5.90 $ 5.90 August 8 70,800 $6.00 $6.00 7,200 $6.00 August 18 43,200 0 4,400 5.80 $5.80 August 28 Total 25,520 26,000 153,200 0 0 0 Average Cost FIFO LIFO 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 Cost of Goods Available for Sale Average Cost per unit # of units in Average Cost per Unit Average Cost Unit Cost of Goods Ending Inventory # of units # of units sold ending inventory Sold Cost Beginning Inventory Purchases: August 8 August 18 August 28 Total 0 0 $ 0
