Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,300 units; cost $5.60 each. 8 Purchased 11,500 units for $5.80 each. 14 Sold 9,200 units for $12.30 each. 18 Purchased 6,900 units for $5.90 each. 25 Sold 8,200 units for $11.30 each. 28 Purchased 4,300 units for $5.80 each. 31 Inventory on hand7,600 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. 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 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 # of units Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units in ending inventory Cost Ending per unit Inventory per unit per unit 2,300 $ 5.60 $ 12,880 $ 5.60 $ 5.60 $ 0 Beginning Inventory Purchases: August 8 August 18 August 28 $ 5.80 0 11,500 $ 5.80 6,900 $ 5.90 $ 5.80 $ 5.90 $ 5.90 66,700 40,710 24,940 145,230 $ 5.80 $ 5.80 4,300 25,000 Total $ 0 $ 0 0 $ o 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 LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Sold - Periodic LIFO LIFO Cost Cost of Goods Available for Sale Cost Cost of Goods # of units per Available for Sale unit 2,300 $ 5.60 $ 12,880 # of units sold Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in Cost Ending ending inventory per unit Inventory 2,300 $ 5.60 $ 12,880 per unit Beginning Inventory $ 5.60 $ 0 Purchases: 66,700 $ 5.80 $ 5.80 August 8 August 18 August 28 6,900 $ 5.90 $ 5.90 0 11,500 $ 5.80 6,900 $ 5.90 4,300 $ 5.80 $ 25,000 40,710 24,940 145,230 $ 5.80 4,300 11,200 40,710 24,940 40,710 Total $ $ 2,300 $ 12,880 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 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 Cost Sale Average Cost per Unit # of units sold Ending Inventory - Average Cost # of units in Average Ending Cost per ending Inventory inventory unit Cost of Goods Sold 2,300 $ 5.60 $ 12,880 Beginning Inventory Purchases: 66,700 August 8 August 18 August 28 40,710 11,500 $ 5.80 6,900 $ 5.90 4,300 $ 5.80 25,000 24,940 Total $ 145,230 $ 0 $ 0
