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thank you! 10113 merchandise Inventory during the month of August 2021 Aug.1 Inventory on hand-3,500 units cost 56.80 each 0Purchased 17,500 units for $7.00 each
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10113 merchandise Inventory during the month of August 2021 Aug.1 Inventory on hand-3,500 units cost 56.80 each 0Purchased 17,500 units for $7.00 each 14 Sold 14,000 units for $13.50 each 18 Purchased 10,500 units for $7.10 each 25 Sold 13,000 units for $12.50 each. 20 Purchased 5,500 units for 55.00 each 31 Inventory on hand-10,000 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 the LIFO cost flow method. Complete this question by entering your answers in the tabs below. LIFO Cost Determine the inventory balance Altra would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 Inco UFO method. (Round "Cost per Unit' to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold Pariodic LIFO Ending Inventory. Periodic LIFO LIEO Cost # of units Cost of Goods of units in per Cost of units sold Cost of Goods Available for Sale Ending unit per unit ending Sold Inventory per unit Inventory Beginning inventory 3,500 $6.80 $ 23,800 $ 6.80 $ 6.80 Purchases: Augusta 17,500 $7.00 122.500 57.00 $ 7.00 August 18 10,500 $7.10 74.550 $ 7.10 $7.10 August 28 5,500 $5.80 31.900 $ 5.80 Total 37,000 $ 252.750 Step by Step Solution
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