Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Anwa Corporation provides the following information related to its merchandise inventory during the month of August 2021 A.1 Twentory on hand 3,900 units cost 16.20

image text in transcribed
Anwa Corporation provides the following information related to its merchandise inventory during the month of August 2021 A.1 Twentory on hand 3,900 units cost 16.20 each # Purchased 14.500 units for 16.40 each 14 Sald 31.6 lts for $12,50 each 1 Purchased its for 16.50 each. 2 Sold 10,60 units for $11.ch 25 Purchased 4,900 nits for 35. vach. 11 Inventory on hand-, units Required: Using calculations based on a periodic inventory system determine the inventory balance Altira would reports August 31, 2021 balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods Complete this question by entering your answers in the tabs below. FIFO LITO Average Cast Determine the inventory balance Altra would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in August 2021 Income statement using the FIFO method(Cost per un to decimal places) Cost of Goods Sold Periodic FIFO Endinny-Farodie FHO DEO Cont of Goods Cost Cost of Goods of units of using Com Available for alle Ending Sold ny per un eventory 2.500 5620 17.900 5 620 5.5205 COM August 5 6.40 $ 650 0 L 1540 3700 650 400 $ 550 10.000 August 20 Total 92.000 56550 28.429 195750 6.10 5550 $ 580 5 0 5 0 LIFO >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditors Guide To IT Auditing Software Demo

Authors: Richard E. Cascarino

2nd Edition

1118147618, 978-1118147610

More Books

Students also viewed these Accounting questions