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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-3,300 units; cost $6.60 each.
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,300 units; cost $6.60 each. 8 Purchased 16,500 units for $6.80 each. 14 Sold 13,200 units for $13.30 each. 18 Purchased 9,900 units for $6.90 each. 25 Sold 12, 200 units for $12.30 each. 28 Purchased 5,300 units for $5.80 each. 31 Inventory on hand-9,600 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. 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 of Goods Available for Sale Cost Cost of Goods # of units per Available for Sale unit 3,300 $ 6.60 $ 21,780 # of units sold Cost per unit $ 6.60 Cost of Goods Sold $ 0 Ending Inventory - Periodic LIFO # of units in Cost Ending ending inventory per unit Inventory 3,300 $ 6.60 $ 21,780 Beginning Inventory Purchases: August 8 August 18 August 28 Total 16,500 9,900 5,300 35,000 $ 6.80 $ 6.90 $5.80 $ 6.80 $ 6.90 112,200 68,310 30,740 233,030 $ 6.80 $ 6.90 $ 5.80 9,900 5,300 15,200 68,310 30,740 68,310 $ 3,300 $ 21,780
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