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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

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 hand2,000 units; cost $6.10 each.
8 Purchased 10,000 units for $5.50 each.
14 Sold 8,000 units for $12.00 each.
18 Purchased 6,000 units for $5.00 each.
25 Sold 7,000 units for $11.00 each.
31

Inventory on hand3,000 units

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.

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.)

FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic 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 per unit Ending Inventory
Beginning Inventory 2,000 $6.10 $12,200 2,000 $6.10 $12,200 $6.10 $0
Purchases:
August 8 10,000 $5.50 55,000 10,000 $5.50 55,000 $5.50 0
August 18 6,000 $5.00 30,000 3,000 $5.00 15,000 $5.00
Total 18,000 $97,200 15,000 $82,200 0 $0

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 LIFO method. (Round "Cost per Unit" to 2 decimal places.)

LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO
# 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 per unit Ending Inventory
Beginning Inventory 2,000 $6.10 $12,200 $6.10 $0 $6.10
Purchases:
August 8 $0.00 $0.00
August 18 $0.00 $0.00 0
Total 2,000 $12,200 0 $0 0 $0

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 Average cost method. (Round "Average Cost per Unit" to 2 decimal places.)

Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost
# of units Unit Cost Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory
Beginning Inventory
Purchases:
August 8
August 18
Total 0 $0 $0 $0

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