E 8-13 Inventory cost flow methods; periodie system LOB19,LOB4B the manth of Aurust 2018h avalable: Aug. 1 Inventory on hand-2000 units, cout $630 each. 0. Purchssed 10000 units for $5.50 ezeh 14 Sele to.000 units for $1200 eoth 1t Purchaced 8.000 units for $5.00 each. 25 Sold 7.000 unts for snoo ench. 31 inventory en hand-2000 units Required: 1. Firs in, firstent (HIFO) 2. Lmetin, fint-oet (L.IFO) 3. Averaze cost E 8-14 Inventery cost flow methods; perpetual system LOB1[8,LOS4(16) [This is a variation of E 8-13 G modifird to focus on the perpetal invectory system and altereathe cost fow methodt] the month of Augast 2018; A.pg. 1 Inventory on hand 2,000 units, cets $610 esch. 8 Purchaced 10,000 unis for $5,50 esch, 14 Sold 0,000 units for 512,00 esch. 18. Purchased 6.000 unite for $5.00 esch. 25 Sold 7,000 units for 571.00 esch. 31 Inventocy on hand 3,000 units. Requlred: Determine the inventory balance Altina woold report in ins Angus 31, 2018, balance sheet and the coont of poods solu is would report in its August 2018 income statement wing esch of the following cont flow methods: 1. First-in, first-out (FIFO) 2. Last-in, fint-out (L.FO) 3. Average cost Computation of cost of goods available for sale: First-in, first-out (FIFO) Cost of ending inventory: Last-in, first-out (LIFO) Cost of ending inventory: Exercise 8-13 (concluded) Average cost \begin{tabular}{lr} \hline Cost of goods available for salc (18,000 units) & 97,200 \\ \hline Less: Ending inventory (determined below) & (15,720) \\ Cost of goods sold & 81,480 \\ \hline \end{tabular} Cost of ending inventory: Ending inventory: Last-in, first-out (LIFO) Exercise 8-14 (concluded) Average cost Exercise 8-14 (concluded) Average cost Computation of cost of goods availahla f...... First-in, first-out (FIFO) Cost of ending inventory: Last-in, first-out (LIFO) Computation of cost of gonde ant.. Coct nf amat. Requirement 2