Having trouble, this is what i have so far. include explanations pls
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand5,000 units; cost $7.90 each. 8 Purchased 22,000 units for $6.70 each. 14 Sold 16,000 units for $13.20 each. 18 Purchased 12,000 units for $6.20 each. 25 Sold 15,000 units for $12.20 each. 31 Inventory on hand-8,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using each of the following cost flow methods: FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods Cost per # of units Cost of # of units Cost per unit Available for unit sold Goods Sold Sale 5,000 $ 7.90 $ 5,000 $ 7.90 $ Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory $ 7.90 $ 0 39,500 39,500 Beginning Inventory Purchases: August 8 August 18 Total 6.70 147,400 $ 6.70 0 22,000 $ 6.70 12,000 $ 6.20 39,000 147,400 74,400 261,300 22,000 $ 5,000 $ 32,000 6.20 $ 6.20 31,000 $ 217,900 7,000 7,000 43,400 43,400 $ $ (FIFO LIFO FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.) LIFO # of units Cost per Cost of Goods Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of # of units Cost per Available for unit sold Sale unit 5,000 $ 7.90 $ 39,500 $ 7.90 $ 0 Goods Sold in ending Ending Inventory - Periodic LIFO # of units Cost per Ending unit Inventory inventory 5,000 $ 7.90 $ 39,500 Beginning Inventory Purchases: August 8 August 18 Total 22,000 $ 6.70 147,400 $ $ 6.70 6.70 6.20 $ 6.20 $ 6.20 0 12,000 39,000 74,400 261,300 12,000 $ 12,000 74,400 74,400 $ $ 5,000 $ 39,500 FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 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 Available for Cost Sale Cost of Goods Sold - Average Cost of units Average Cost of sold Cost per 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 Total $ $ LIFO Average Cost
