Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,300 unita; coat $5.60 each. B Purchased 11,500 units for $5.80 each. 14 Sold 9,200 units for $12.30 each. IB Purchased 6,900 units for $5.90 each. 25 Sold 8,200 units for $11.30 cach. 28 Purchased 4,300 units for $5.80 each. 31 Inventory on hand-7, 600 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 Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost # of units Cost of Goods per unit Available for Sale 2,300 $ 5.60 $ 12,880 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost Ending per unit Inventory $ 5.60 $ 5.60 Beginning Inventory Purchases: August 8 August 18 August 28 Total 66,700 40,710 $ 5.80 $ 5,90 11,500 $ 5.80 6,900 $ 5.90 4,300 $ 5.80 25,000 $ 5.80 $ 5,90 $ 5.80 24,940 145,230 $
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 LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Sold - Periodic LIFO LIFO Cost Cost of Goods Available for Sale Cost Cost of Goods # of units per Available for Sale unit 2,300 $ 5.60 12,880 # of units sold Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in Cost Ending ending per unit Inventory inventory $ 5.60 per unit $ 5.60 Beginning Inventory Purchases: $ 5.80 $ 5.90 $ 5.80 $ 5.90 August 8 August 18 August 28 Total 11,500 $ 5.80 6,900 $5.90 4,300 $ 5.80 25,000 66,700 40,710 24,940 145,230 $ 5.80 $ FIFO Average Cost> 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.) Cost of Goods Sold - Average Cost Average Cost Cost of Goods Available for Sale Cost of Goods Unit # of units Available for Cost Sale 2,300 $ 5.60 $ 12,880 Average Cost Ending Inventory - Average Cost # of units in Average Ending ending Cost per Inventory inventory unit Cost of Goods Sold # of units sold per Unit Beginning Inventory Purchases: 66,700 40,710 August 8 August 18 August 28 Total 11,500 $ 5.80 6,900 $ 5.90 4,300 $ 5.80 25,000 24,940 145,230 $
