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FIFO column is complete. Need help with the other two thank you. Altira Corporation provides the following information related to its merchandise inventory during the
FIFO column is complete. Need help with the other two thank you.
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; 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 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand7,000 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would rej 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 statement using the LIFO method. (Round cost per unit to 2 decimal places.) 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 statement using the LIFO method. (Round cost per unit to 2 decimal places.) Cost of Goods Sold - Periodic LIFO LIFO Cost per Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale 2,000 $ 5.30 10,600 Cost per # of units sold Cost per unit Ending Inventory - Periodic LIFO # of units Ending in ending unit Inventory inventory $ 5.30 Cost of Goods Sold 0 $ $ 5.30 0 Beginning Inventory Purchases: $ 5.50 $ 5.50 $ 5.60 0 $ 5.60 0 August 8 August 18 August 28 Total 8,000 $ 5.50 6,000 $ 5.60 4,000 $ 5.80 20,000 44,000 33,600 23,200 111,400 $ 5.80 0 $ 5.80 0 $ 0 0 0 $ 0 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 statement using the Average cost method. (Round cost per unit to 2 decimal places.) Average Cost Cost of Goods Available for Sale Cost of Goods Unit # of units Available for Cost Sale 2,000 $ 5.30 $ 10,600 Cost of Goods Sold - Average Cost # of units Average Cost of Cost per sold Goods Sold Unit Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory unit Beginning Inventory Purchases: August 8 August 18 August 28 Total 8,000 $ 5.50 6,000 $ 5.60 4,000 $ 5.80 20,000 44,000 33,600 23,200 111,400 $ 0 0 LIFO Average CostStep by Step Solution
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