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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 hand3,000 units; cost $7.50 each. |
8 | Purchased 19,000 units for $6.40 each. |
14 | Sold 12,500 units for $12.90 each. |
18 | Purchased 10,500 units for $5.90 each. |
25 | Sold 11,500 units for $11.90 each. |
31 | Inventory on hand8,500 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:
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