PLEASE SHOW ME YOUR CALCULATION.
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,800 units; cost $6.10 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11, 200 units for $12.80 each. 18 Purchased 8,400 units for $6.40 each. 25 Sold 10, 200 units for $11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory on hand-8,600 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.) FIFO Cost of Goods Available for Sale Cost Cost of Goods # of units per unit Available for Sale 2,800 $ 6.10 $ 17,080 Cost of Goods Sold - Periodic FIFO L # of units sold Cost Cost of Goods per unit Sold 2,800 $ 6.10 $ 17, 080 Ending Inventory - Periodic FIFO # of units in ending Cost Ending inventory per unit Inventory 0 $ 6.10 $ Beginning Inventory Purchases: August 8 August 18 August 28 Total 14,000 8,400 4,800 30,000 $ 6.30 $ 6.40 $ 5.80 $ 6.30 $ 6.40 88,200 53,760 27,840 186,880 $ 6.30 $ 6.40 $ 5.80 $ 2,800 S 17 000 $ 0 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2, 800 units; cost $6.10 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11, 200 units for $12.80 each. 18 Purchased 8,400 units for $6.40 each 25 Sold 10, 200 units for $11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory on hand-8,600 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.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO # of units Cost per Cost of Goods Available for Sale # of units sold Cost per unit $ 6.10 unit Ending Inventory - Periodic LIFO # of units in Cost Ending ending . per unit Inventory inventory 2,800 $ 6.10 $ 17,080 Cost of Goods Sold $ 2,800 $ 6.10 $ 17,080 Beginning Inventory Purchases: August 8 August 18 August 28 Total 14,000 8,400 4,800 30,000 $6.30 $ 6.40 $ 5.80 $ 6.30 $ 6.40 88,200 53,760 27,840 186,880 $ 6.30 $ 6.40 $ 5.80 8,400 4,800 13,200 53,760 27,840 53,760 2,800 $ 17,080 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,800 units; cost $6.10 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11, 200 units for $12.80 each. 18 Purchased 8,400 units for $6.40 each. 25 Sold 10, 200 units for $11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory on hand-8,600 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.) Cost of Goods Sold - Average Cost Average Cost Cost of Goods Available for Sale Unit Cost of Goods # of units Available for Sale 2,800 $ 6.10 $ 17,080 Cost Ending Inventory - Average Cost # of units in Average Ending ending Cost per Inventory inventory unit Average Cost per Unit # of units sold Cost of Goods Sold Beginning Inventory Purchases: August 8 August 18 August 28 Total 14,000 8,400 4,800 30,000 $ 6.30 $ 6.40 $ 5.80 88,200 53,760 27,840 186,880 $
