Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand3,000 units; cost $6.30 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.60 each. 25 Sold 11,000 units for $12.00 each. 28 Purchased 5,000 units for $5.80 each. 31 Inventory on hand-9,000 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. 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 income statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic FIFO # of units in ending Cost Ending inventory per unit Inventory $ 6.30 $ 3,000 $ 6.30 $ 18,900 $ 6.30 0 0 Beginning Inventory Purchases: August 8 August 18 August 28 Total $ 6.50 $ 6.60 15,000 $ 6.50 9,000 $ 6.60 5,000 $ 5.80 32,000 97,500 59,400 29,000 204,800 $ 6.50 $ 6.60 $ 5.80 $ 0 $ 0 $ 0 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 LIFO method. (Round "Cost per Unit" to 2 decimal places.) LIFO Cost of Goods Available for Sale Cost Cost of Goods # of units per Available for Sale unit 3,000 $6.30 $ 18,900 Cost of Goods Sold - Periodic LIFO Cost # of units sold Cost of Goods per Sold unit 0 $ 6.30 $ Ending Inventory - Periodic LIFO # of units in Cost Ending ending per Inventory inventory unit 3,000 $ 6.30 $ 18,900 0 78,000 Beginning Inventory Purchases: August 8 August 18 August 28 Total $ 6.50 $ 6.60 0 15,000 $ 6.50 9,000 $ 6.60 5,000 $ 5.80 32,000 97,500 59,400 29,000 204,800 12,000 $ 6.50 9,000 $ 6.60 5,000 $ 5.80 26,000 59,400 29,000 137,400 $ $ 3,000 $ 18,900 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 "Average 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 3,000 $ 6.30 $ 18,900 Cost of Goods Sold - Average Cost # of units sold Average Cost Cost of Goods per Unit Sold Ending Inventory - Average Cost # of units in Average Ending ending Cost per Inventory inventory unit Beginning Inventory Purchases: August 8 August 18 August 28 Total 15,000 9,000 5,000 32,000 $ 6.50 $ 6.60 $ 5.80 97,500 59,400 29,000 204,800 $ $ $ 0
