E $8-13$

Inventory cost flow methods; periodic system

$101104$

Altira Corporation uses a periodic inventory system. The following information related to its mercianuisc inventory during the month of August $2013$ is available:

Aug. $1$ Inventory on hand$-2,000$ units; cost $$6\mathrm{.}10$ each.

$8$ Purchased $10,000$ units for $$5\mathrm{.}50$ each.

$14$ Sold $8,000$ units for $$12\mathrm{.}00$ each.

$18$ Purchased $6,000$ units for $$5\mathrm{.}00$ each.

$25$ Sold $7,000$ units for $$11\mathrm{.}00$ each.

$31$ Inventory on hand $-3,000$ units.

Required:

Determine the inventory balance Altira would report in its August $31\mathrm{.}2013,$ statement of financial position and the cost of goods sold it would report in its August $2013$ income statement using each of the following cost flow methods:

First$-$in$,$ first$-$out $($FIFO$)$

Last$-$in$,$ first$-$out $($LIFO$)$

Average cost