Return to 2 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. 2.27 points 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. x Answer is not complete. 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.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost of FIFO # of units Cost # of units Cost Goods Cost of # of units in Cost Ending per unit Available for sold per unit Goods Sold ending per inventory unit Inventory Sale Beginning Inventory 2,000 $ 5.30 $ 10,600 2,000 $ 5.30 $ 10,600 2,000 X $ 5.30 $ 10,600 Purchases August 8 8,000 $ 5.50 44,000 8,000 $ 5.50 44,000 13,000 X $ 5.50 71,500 August 18 6,000 $ 5.60 33,600 8,000 X $ 5.60 800 $ 5.60 August 28 4,000 $ 5.80 23,200 4,000 X $ 5.80 23,200 $ 5.80 Total 20,000 $ 111,400 18,000 $ 122,600 15,000 $ 82,100 FIFO LIFO >2 31 inventory on nana-/, bob units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, 2.27 balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow points methods. x Answer is not complete. 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 Cost of Goods Sold - Periodic Sale LIFO Ending Inventory - Periodic LIFO LIFO # of Cost Cost of Goods # of Cost Cost of # of units Cost units per Available units Goods per unit in ending Ending Inventory for Sale sold Sold per unit unit inventory Beginning Inventory 2,000 $5.30 $ 10,600 $ 5.30 $ 0 $ 5.30 Purchases: August 8 3,000 $5.50 44,000 $ 5.50 $ 5.50 August 18 6,000 $5.60 33,600 $ 5.60 $ 5.60 0 August 28 4,000 $5.80 23,200 $ 5.80 $ 5.80 0 Total 20,000 $ 111,400 $ 0 0 $ 0 31 inventory on nand-/ , bob 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. x Answer is not complete. 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 cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of # of Unit Goods # of Average Cost of # of units Average Cost units in ending Ending Available for Cost Goods Cost units Sale sold per Unit Sold inventory per unit Inventory Beginning Inventory 2,000 $5.30 $ 10,600 Purchases: August 8 8,000 $5.50 44,000 August 18 6,000 $5.60 33,600 August 28 4,000 $5.80 23,200 Total 20,000 $ 111,400 13,000 $ 5.57 $ 72,410 7,000 $ 0
