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Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory...

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Finance

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Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 is available: Aug. 1 Inventory on hand-5,000 units; cost $7.90 each 8 Purchased 22,000 units for $6.70 each. 14 Sold 16,000 units for $13.20 each 18 Purchased 12,000 units for $6.20 each. 25 Sold 15,000 units for $12.20 each 31 Inventory on hand-8,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round "Average Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Goods Cost per Available for Cost of Goods | # of units | | # of units FIFO Cost per Cost per unit | Cost per unit Ending Inventory # of units Goods Sold in ending inventory Cost of # of units sold Sale Beginning Inventory Purchases: August 8 August 18 Total

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