Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug. 1 Inventory on hand-6,500 units; cost $7.90 each. 8 Purchased 25,000 units for $7.00 each. 14 Sold 18,500 units for $13.50 each. 18 Purchased 13,500 units for $6.50 each. 25 Sold 17,500 units for $12.50 each. 31 Inventory on hand-9,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 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, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Sold - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale 6,500 $ 7.90 $ 51,350 # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory $ 7.90 $ 0 $ 7.90 Beginning Inventory Purchases: August 8 August 18 Total $ 0.00 $ 0.00 0 $ 0.00 $ 0.00 6,500 $ 51,350 0 $ 0 0 $ 0 FIFO LIFO > 5 Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: 12 points Aug.1 Inventory on hand-6,500 units; cost $7.90 each. 8 Purchased 25,000 units for $7.00 each. 14 Sold 18,500 units for $13.50 each. 18 Purchased 13,500 units for $6.50 each. 25 Sold 17,500 units for $12.50 each. 31 Inventory on hand-9,000 units. eBook Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using each of the following cost flow methods: Print Complete this question by entering your answers in the tabs below. References FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 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 Goods # of units Cost per Available for unit Sale Cost per # of units sold Ending Inventory - Periodic LIFO # of units in ending Ending inventory Inventory $ 0.00 Cost of Goods Sold Cost per unit unit $ 0.00 $ 0 Beginning Inventory Purchases: August 8 August 18 Total $ $ 0.00 0.00 0.00 0.00 $ $ 0 0 $ 0 $ 0 $ 0 FIFO Average Cost > 5 Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: 12 points Aug.1 Inventory on hand-6,500 units; cost $7.90 each. 8 Purchased 25,000 units for $7.00 each. 14 Sold 18,500 units for $13.50 each. 18 Purchased 13,500 units for $6.50 each. 25 Sold 17,500 units for $12.50 each. 31 Inventory on hand-9,000 units. eBook Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using each of the following cost flow methods: Print Complete this question by entering your answers in the tabs below. References FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Average Cost Cost of Goods Available for Sale Unit Cost of Goods # of units Available for Cost Sale Cost of Goods Sold - Average Cost Average # of units Cost of Cost per Goods Sold Unit Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory sold unit Beginning Inventory Purchases: August 8 August 18 Total 0 $ 0 $ $ 0 LIFO Average Cost
