Question
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.)
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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.)
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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.)
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