Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,400 units; cost $6.70 each. 8 Purchased 17,000 units for $6.90 each. 14 Sold 13,600 units for $13.40 each. 18 Purchased 10,200 units for $7.00 each. 25 Sold 12,600 units for $12.40 each. 28 Purchased 5,400 units for $5.80 each. 31 Inventory on hand-9,800 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 Ending Inventory - Periodic FIFO FIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost Ending per unit Inventory 3,400 $ 6.70 $ 22,780 $ 6.70 $ 6.70 $ 0 0 Beginning Inventory Purchases: August 8 August 18 August 28 Total $ 6.90 $ 7.00 17,000 $ 6.90 10,200 $ 7.00 5,400 $ 5.80 36,000 117,300 71,400 31,320 242,800 $ 6.90 $ 7.00 $ 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.) Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost # of units Cost of Goods per Available for Sale unit 3,400 $ 6.70 $ 22,780 # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in Cost ending Ending inventory per unit Inventory $ 6.70 $ 6.70 $ 0 Beginning Inventory Purchases August 8 August 18 August 28 Total $ 6.90 $ 7.00 17,000 $6.90 10,200 $ 7.00 5,400 $ 5.80 36,000 $ 6.90 $ 7.00 $ 5.80 0 117,300 71,400 31,320 242,800 $ 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 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 3,400 $ 6.70 $ 22,780 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 17,000 $ 6.90 10,200 $ 7.00 5,400 $ 5.80 36,000 117,300 71,400 31,320 242,800 $ $
