Question
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 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 2016 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. Required: Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round "Average Cost per Unit" to 2 decimal places.)
FIFO Cost of good available for sale Cost of goods Sold Periodic # of units in the ending
Beginning Inventory #2000 $6.10 $12200 #2000 $6.10 $12200 ?????
Auguest 8 #10,000 $5.50 $55,000 #10,000 $5.50 $55,000 ????
Auguest 18 # 6000 $5.00 $30,000 #3,000 $5.00 $15,000 ?????
LIFO Cost of good available for sale Cost of goods Sold Periodic # of units in the ending
Beginning Inventory 2000 $6.10 $12200 ???? $6.10 $12200 ?????
Auguest 8 10,000 $5.50 55,000 ??? $5.50 ????
Auguest 18 6000 $5.00 $30,000 6,000 $5.00 30,000 ?????
What is the # of units in the ending per all rows?
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