Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
| |
| Aug.1 | Inventory on hand3,500 units; cost $6.80 each. |
| 8 | Purchased 17,500 units for $7.00 each. |
| 14 | Sold 14,000 units for $13.50 each. |
| 18 | Purchased 10,500 units for $7.10 each. |
| 25 | Sold 13,000 units for $12.50 each. |
| 28 | Purchased 5,500 units for $5.80 each. |
| 31 | Inventory on hand10,000 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.
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 sold Cost of Goods Sold # of units Cost per unit 3,500 $ 6.80 Cost of Goods Available for Sale $ 23,800 Cost per unit # of units in ending inventory Cost Ending per unit Inventory $ 6.80 $ $ 6.80 122,500 Beginning Inventory Purchases: August 8 August 18 August 28 Total 17,500 10,500 5,500 37,000 $ 7.00 $ 7.10 $ 5.80 $ 7.00 $ 7.10 74,550 31,900 252, 750 $ 7.00 $ 7.10 $ 5.80 $ 0 $ 0 0 FIFO LIFO 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.) LIFO Cost of Goods Available for Sale Cost Cost of Goods # of units per Available for Sale Cost of Goods Sold - Periodic LIFO # of units sold Cost Cost of Goods per unit Sold $ 6.80 $ Ending Inventory - Periodic LIFO # of units in Cost Ending ending inventory per unit Inventory 3,500 $ 6.80 $ 23,800 unit 3,500 $ 6.80 $ 23,800 Beginning Inventory Purchases: August 8 August 18 August 28 Total 17,500 10,500 5,500 37,000 $7.00 $7.10 $5.80 $ 7.00 $ 7.10 122,500 74,550 31,900 252,750 $ 7.00 $ 7.10 $ 5.80 10,500 5,500 16,000 74,550 31,900 74,550 $ $ 3,500 $ 23,800] FIFO Average Cost > 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 Sold - Average Cost Average Cost Cost of Goods Available for Sale Cost of Goods Unit # of units Available for Sale 3,500 $ 6.80 $ 23,800 Cost Ending Inventory - Average Cost # of units in Average Ending ending Cost per Inventory inventory unit Average Cost per Unit # of units sold Cost of Goods Sold Beginning Inventory Purchases: August 8 August 18 August 28 Total 17,500 10,500 5,500 37,000 $ 7.00 $ 7.10 $ 5.80 122,500 74,550 31,900 252,750 $ 0
