Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
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:
Aug.1 Inventory on hand-2,800 units; cost $6.10 each. B Purchased 14,000 units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18 Purchased 8,400 units for $6.40 each. 25 Sold 10,200 units for $11.80 each. 28 Purchased 4,800 units for $5.00 each. 31 Inventory on hand-8,600 units. Answer is not complete. 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 Ending Inventory - Periodic FIFO FIFO Cost Cost Cost Cost of Goods # of units Cost of # of units in ending # of units Ending per sold per Available for Sale per Goods Sold inventory Inventory unit unit unit Beginning Inventory 2,800 $ 6.10 17,080 2,800 $ 6.10 S 17,080 2.800 X 6.10 $ 17,080 Purchases: August 8 14,000 $6.30 88,200 11,200 S 6.30 70,560 5,600 $ 6.30 35,280 August 18 8.400 $ 6.40 53.760 10.200 X 86.40 65,280 3,800S 6.40 24,320 August 28 4,800 S 5.80 27,840 8,600 x S 5.80 49,880 Total 30,000 S 186,880 24,200 S 152,920 20,800 $ 126,560 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 Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost Cost of Goods Cost # of units in Cost # of units per # of units sold Cost of Ending per Available for Sale ending Goods Sold per unit unit inventory unit Inventory Beginning Inventory 2,800 S 6.10 17,080 $ 6.10 0 2,800 $ 6.10 $ 17,080 Purchases: August 8 14,000 $6.30 88,200 $ 6.30 $6.30 August 18 8,400 S 6.40 53,760 8,400 $ 6.40 53,760 $ 6.40 0 August 28 4,800 $ 5.80 27,840 4.800 $ 5.80 27,840 Total 30,000 S 186,880 13,200 53,760 2,800 $ 17,080 IS 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 Average 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 Average Cost Average # of units in Average Unit Goods # of units sold # of units Cost per Cost of ending Cost per Ending Cost Available for Unit Goods Sold inventory unit Inventory Sale Beginning Inventory 2,800 $6.10 S 17,080 Purchases: August 8 14,000 $6.30 88,200 August 18 8,400 $6.40 53,760 August 28 4,800 $5.80 27,840 Total 30,000 S 186,880 S 0
