Exercise 8-13 (Algo) Inventory cost flow methods; periodic system (LO8-1, 8-4) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,100 units; cost $5.40 each. 8 Purchased 10,500 units for $5.60 each. 14 Sold B, 400 units for $12.10 each. 18 Purchased 6,300 units for $5.70 each. 25 Sold 7,400 units for $11.10 each. 28 Purchased 4,100 units for $5.80 each. 31 Inventory on hand7,200 units. 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. 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, 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.) Cost of Goods Available for Sale FIFO Cost of Goods Sold - Periodic FIFO - Cost Cost of Goods # of units sold per unit Sold # of units Cost per unit Cost of Goods Available for Sale Ending Inventory - Periodic FIFO # of units in ending Cost Ending inventory per unit Inventory $ 5.40 2,100 $ 5.40 $ $ 11,340 $ 5.40 Beginning Inventory Purchases: August 8 August 18 August 28 Total $ 5.60 $ 5.70 $ 5.60 $ 5.70 10,500 S 5.60 6,300 $ 5.70 4 100 S 5.80 23,000 58.800 35,910 23.780 129,830 $ 5.80 $ $ FIFO LIFO > Exercise 8-13 (Algo) Inventory cost flow methods; periodic system (LO8-1, 8-4] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand-2,100 units; cost $5.40 each. 8 Purchased 10,500 units for $5.60 each. 14 Sold 8,400 units for $12.10 each. 18 Purchased 6,300 units for $5.70 each. 25 Sold 7,400 units for $11.10 each. 28 Purchased 4,100 units for $5.80 each. 31 Inventory on hand-7,200 units. 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. 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, 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 units per Cost of Goods Available for Sale unit 2,100 $5.40 $ $ 11,340 Cost of Goods Sold - Periodic LIFO - Cost # of units sold Cost of Goods per unit Sold Ending Inventory - Periodic LIFO # of units in Cost Ending ending Inventory per unit Inventory S 5.40 $ 5.40 Beginning Inventory Purchases: August 8 August 18 August 28 Total 10,500 $ 5.60 6,300 $ 5.70 4,100 $ 5.80 23,000 58,BOO 35,910 23,780 $ 5.60 $ 5.70 $ 5.80 S 5.60 S 5.70 $ 129,830 Exercise 8-13 (Algo) Inventory cost flow methods; periodic system (LO8-1, 8-4] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.l Inventory on hand-2,100 units; cost $5.40 each. -; $. 8 Purchased 10,500 units for $5.60 each. 14 Sold 8,400 units for $12.10 each. 18 Purchased 6,300 units for $5.70 each. 25 Sold 7, 400 units for $11.10 each. 28 Purchased 4,100 units for $5.80 each. 31 Inventory on hand-7,200 units. 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. 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, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Average Cost Cost of Goods Available for Sale Unit Cost of Goods # of units Cost Available for Sale 2,100 $ 5.40 s S 11,340 Cost of Goods Sold - Average Cost Average Cost Cost of Goods # of units sold per Unit Sold Ending Inventory - Average Cost # of units in Average Ending Cost per Inventory inventory unit ending Beginning Inventory Purchases: August 8 August 18 August 28 Total 10.500 S 5.60 6,300 $ 5.70 4,100 S 5.80 23,000 58,800 35,910 23,780 129,830 S S
