Exercise 8-13 (Static) 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-2,000 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 units for $5.60 each. 25 Sold 7.000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 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. FIFO LIFO Average Cost Cost per cost of Goods of units 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 20 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 of units Cost per Cost of Goods of units in Cost per Ending unit Available for Sold sold ending Inventory Sale unit Invento eginning Inventory 2,000 $ 5.30 $ 10,600 2,000 $ 5.30 $ 10,600 $ 5.30 $ urchases: August 8 8,000 $ 5.50 44,000 $ 5.50 $ 5,50 August 18 6,000 $ 5. 60 3 3,600 $ 5.60 $ 5.60 August 28 4,000 $ 5. 80 2 3,200 $ 5.80 $ 5.80 otal 20,000 $ 111,400 2,000 10,600 LIFO > Check my work FIFO LIFO Average Cost points 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 2 statement using the LIFO method. (Round cost per unit to 2 decimal places.) Cost of Goods Sold - Periodic LIFO Ending Inventory Periodic LIFO eBook LIFO Cost of Goods Available for Sale Cost of Goods of units Available for unit of units Cost per Cost of Sale unit Cost per unit Bold Goods Sold Ending Inventory in ending Inventory $ 0.00 $ $ 0.00 eginning Inventory Purchases: August 8 References $ 0.00 $ $ $ 0.00 0.00 0.00 August 18 August 28 $ 0.00 $ 0.00 FIFO Average Cost > Help Save & Exit Sube Check my worlu FIFO uro Average Cost Determine the Inventory balance Altire would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its Augu. statement using the Average cost method. (Hound cost per unit to 2 decimal places.) Cont of Goods Available for Sale Average Cont of Unit Cost of Goods Coat of Goode Bold Average containing inventory Average Average of units Hof units Cost of Average Ending Cool per In ending Goods Sold Coat per Inventory Unit Inventory unit Cost Available for eginning Inventory urchases: August 8 August 18 August 28 otal
