Chapter 8 HW Saved Help Save & Exit Submit 5 Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: 12 points Aug.1 Inventory on hand-6,500 units; cost $7.90 each. 8 Purchased 25,000 units for $7.00 each. 14 Sold 18,500 units for $13.50 each. 18 Purchased 13,500 units for $6.50 each. 25 Sold 17,500 units for $12.50 each. 31 Inventory on hand-9,000 units. eBook 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 Print 0 Complete this question by entering your answers in the tabs below. FIFO LIFO Average cost Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold August 2018 income statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost Cost of Goods #of of units per units Available for Cost per Ending unit Goods in ending unit unit sold Sold Inventory Inventory Beginning Inventory Purchases: August 8 August 18 Cost of #of units Cost per Sale Total LIFO 5 Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: 12 points Aug. 1 Inventory on hand-6,500 units; cost $7.90 each. 8 Purchased 25,000 units for $7.00 each. 14 Sold 18,500 units for $13.50 each. 18 Purchased 13,500 units for $6.50 each. 25 Sold 17,500 units for $12.50 each. 31 Inventory on hand-9,000 units. Book 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 Print Complete this question by entering your answers in the tabs below. 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 LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periode Lo Ending hrventory. Periodic LIFO LIFO Cost of of units Available for Cost per Ending sold Inventory Inventory Beginning Inventory Purchase August August to of unity Couter Cost of Goods of units Cost per unit Sale Goods Sold in ending unit Total (FIFO Average Coal >
