90.2K

Verified Solution

Link Copied!

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand-2,000 units cost $5.30 each. Purchased 3.000 units for $5.50 each. 14 Sold 6.000 units for $12.00 each 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. 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 Ending Inventory. Periodic LIFO LIFO Cost of Goods of units Cost per # of units cost per Available for #of units Cost of Gost per Ending sold in ending unit Goods Sold unit Inventory Sale Inventory Beginning inventory 2,000 $ 5.30 $ 10,000 $ 5.30 $ 0 $ 5.30 Purchases August 8,000 $ 5.50 44,000 $ 5.50 $ 5.50 August 18 5,000 $ 5.60 33.000 $ 5.00 $ 5.00 August 20 4,000 $ 5.80 23.200 $ $ 5.80 0 20,000 Total $ 111,400 0 $ 0 $ 0 5.80 0 FIFO Average Cost>

Answer & Explanation Solved by verified expert

See Answer