Check my work 3 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: 20 points Aug.1 Inventory on band-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each 18 Purchased 6,000 units for $5.60 each 25 Sold 7,000 unita for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on band7,000 units. eBook Hint Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its 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. Print Complete this question by entering your answers in the tabs below. References FIFO LIFO Average Cast Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO , , method. (Round cost per unit to 2 decimal places.) Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale 2,000 $ 5.30 $ 10,600 Cost of Goods Sold - Periodic FIFO # of units Cost per Cost of Goods sold unit Sold # of units in ending inventory Cost per unit Ending Inventory S 5.30 S 5.30 5.50 S 5.50 S Beginning Inventory Purchases: Augusta August 18 August 28 Total S S 5.60 8,000 s 5,000 $ $ 4,000 $ 20,000 5.60 5.80 44,000 33,500 23,200 111,400 S S 5.50 5.50 5.80 S 5.80 $ FIFO LIFO > Check my work 3 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 20 points Auq.1 Inventory on hand-2,000 units; cost $5.30 each. 3 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 cach. 25 Sold 7,000 units for $11.00 each. 29 Purchased 4,000 units for $5.90 each 31 Inventory on hand-7,000 units. cBook Hint Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its 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. Print Complete this question by entering your answers in the tabs below. r References FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold It would report in Its August 2021 Income statement using the LIFO method. (Round cost per unit to 2 decimal places.) LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost of # unit Available for Sale sold unit * of units Cost per Ending Inventory - Periodic LIFO # of units Cast per Ending unit Inventory inventory $ $ 5.30 Sale Goods Sold in ending 2,000 S 5.30 S 10,800 $ $ 5.30 44.000 Beginning Inventory Purchases: August 8 August 18 August 28 Total 8,000 S 5.50 6,000 S 5,60 4,000 S 5.80 20,000 $ $ $ $ $ 33,800 23,200 111,400 5.50 5.60 5.80 5.50 5.80 5.80 $ S Check my work 3 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: 20 points Aug. 1 Inventory on hand-2,000 units; coat $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 unity for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 cach. 31 Inventory on hand-7,000 units. cBook 02 Hint Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its 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. Print Complete this question by entering your answers in the tabs below. References FIFO LIFO Average Cost Cost of Goods # of units Goods Sold in ending Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the Average cost method. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost - Ending Inventory - Average Cost - Average Cost Unit Average # of units # of units Cost of Average Available for Cost Ending sold Cost per Cost per Sale Unit inventory Inventory unit Beginning Inventory 2,000 S 5.30 $ S 10.5pp Purchases: August 8,000 S 5.50 44 DD August 18 6,000 S 5.60 33.600 August 28 4,000 $ 5.80 S 23.200 Total 20,000 $ 111.400
