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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-2,000 units; cost $5.30 each.
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-2,000 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 hand-7,000 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 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 FIFO Ending Inventory - Periodic FIFO Cost of Goods Available for Sale # of units Cost per Cost of Goods unit Available for Sale 2,000 $ 5.30 $ 10.600 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 530 $ 5.30 $ 0 Beginning Inventory Purchases August 8 August 18 August 28 Total 550 5.60 580 0 8.000 $ 6,000 $ 4,000 $ 20,000 ncos 44000 33 600 23,200 111,400 $ $ $ 5.50 560 5.80 $ $ $ 5.50 5.60 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 statement using the LIFO method. (Round cost per unit to 2 decimal places.) LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units # of units Cost per Cost of unit Sale sold unit Goods Sold 2,000 $ 5.30 $ 10.600 $ 5.30 $ 0 Cost per Available for Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 5.30 Beginning Inventory Purchases: August 8 August 18 August 28 Total S 8,000 $ 5.50 6,000 $ 5.60 4,000 $ 5.80 20.000 $ 5.50 5.60 44,000 33,600 23,200 111,400 $ 5:50 5.60 5.80 0 $ $ $ 5.80 $ 0 0 $ 0 S 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 Cost per Ending Inventory - Average Cost # of units Average Cost per Ending in ending Inventory inventory unit Beginning Inventory Purchases August 8 August 18 August 28 Total 8,000 $ 5.50 6.000 $ 5.60 4,000 $ 5.80 20,000 44,000 33,600 23,200 111,400 $ 0 0 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,000 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 hand-7,000 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 statement using the FIFC 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 Goods Cost per # of units unit Available for Sale 200015 530 $ 10 600 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory S 530 $ 5:30 S ol Beginning Inventory Purchases August 8 August 18 August 28 Total $ $ 0 8,000 $ 6,000 $ 4,000 $ 20,000 5.50 5.60 5 80 44,000 33,600 23 200 111.400 5.50 5.60 5.80 S 5.50 560 5.80 s s S 0 0 0 $ FIFC 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 statement using the LIFO method. (Round cost per unit to 2 decimal places.) LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods Cost per # of units Available for # of units Cost per Cost of sold unit Goods Sold Sale 2.000 $ 5.30 $ 10,600 $ 5.30 $ 0 unit Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit inventory Inventory $ 5.30 Beginning Inventory Purchases August 8 August 18 August 28 Total $ 5.50 $ 5.50 8,000 $ 5.50 6,000 $ 5.60 4,000 $ 5.80 20,000 $ 44,000 33 600 23 200 111,400 $ 5.60 5.80 5.60 0 S $ 5.80 0 $ 0 $ 01 0 $ 0
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