Altira Corporation provides the following information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-2,500 units; cost $5.80 each. 8 Purchased 12,500 units for $6.00 each. 14 Sold 10,000 units for $12.50 each. 18 Purchased 7,500 units for $6.10 each. 25 Sold 9,000 units for $11.50 each. 28 Purchased 4,500 units for $5.80 each. 31 Inventory on hand-8,000 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 UFO 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 sta 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 Cost of Goods per unit # of units Cost Cost of Goods per unit Available for Sale 2,500 $ 5.80 $ 14,500 Sold of units in ending inventory Cost Ending per unit Inventory $ 5.80 $ 5.80 $ 0 0 Beginning Inventory Purchases: August 8 August 18 August 28 Total $ 6.00 $ 6.10 12,500 $ 6.00 7,500 $ 6.10 4,500 $ 5.80 27,000 75,000 45,750 20,100 161,350 $ 6.00 $ 8.10 $ 5.80 $ 0 $ 0 $ O 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 Inc 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 # of units Cost of Goods per # of units in Cost # of units sold Cost of Goods Cost Available for Sale Ending unit per unit ending Sold per unit Inventory inventory Beginning Inventory 2.500 $ 5.80 $ 14,500 $ 5.80 $ 0 2,500 $ 5.80 $ 14,500 Purchases: August 8 12,500 $ 6.00 75,000 $ 6.00 $ 6.00 August 18 7,500 $ 6.10 45,750 7,500 $ 6.10 45,750 $ 6.10 August 28 4,500 $ 5.80 26,100 4,500 $ 5.80 26,100 Total 27,000 $ 161,350 12,000 $ 45.750 2,500 $ 14,500 O Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Cost Average 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 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 Average Cost Unit Cost of Goods # of units of units in Available for # of units sold Average Cost Cost of Goods Sale per Unit ending Ending Sold Cost per Inventory unit Inventory Beginning Inventory 2,500 $ 5.80 $ 14,500 Purchases: August 8 12,500 $ 6.00 75,000 August 18 7,500 $ 6.10 45,750 August 28 4,500 $ 5.80 26.100 Total 27,000 $ 161,350 $ $ 0
