Next Page Question 9 (3 points) Page 9 of 13 Listen (3 points) Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2013 is available: Aug. 1 Inventory on hand- 3,500 units: cost $ 6,00 each. Aug. 8. Purchased 8,500 units for $ 7.50 each. Aug. 14 Sold 11,000 units for $ 15.00 each. Aug, 18 Purchased 5,000 units for $ 8.00 each. Aug. 25 Sold 4,000 units for $11.00 each Aug. 31 Inventory on hand-2,000 units. Determine the cost of goods sold it would report in its August 2013 income statement using each of the following cost flow methods: 1. Using First-in, first-out (FIFO), the cost of good sold will be 2. Using Last-in, first-out (LIFO), the cost of good sold will be 3. Using average cost the cost of good sold will be 3) 1) De Aug. 31 Inventory on hand-2.000 units. Determine the cost of goods sold it would report in its August 2013 income statement using each of the following cost flow methods: 1. Using First-in, first-out (FIFO), the cost of good sold will be 1). 2. Using Last-in, first-out (LIFO), the cost of good sold will be 2). 3. Using average cost the cost of good sold will be 3). Blank # 1 > Blank # 2 Blank # 3 A/ Previous Page Next Page Page 9 of 13 Submit Quiz O of 13 questions saved