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

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Basic Math

Altira Corporation uses a periodic inventory system. Thefollowing information related to its merchandise inventory duringthe month of August 2018 is available:

Aug.1Inventory on hand—10,000 units; cost $8.00 each.
8Purchased 26,000 units for $7.10 each.
14Sold 19,000 units for $13.60 each.
18Purchased 14,000 units for $6.60 each.
25Sold 18,000 units for $12.60 each.
31Inventory on hand—13,000 units.

Determine the inventory balance Altira would report in itsAugust 31, 2018, balance sheet and the cost of goods sold it wouldreport in its August 2018 income statement using the FIFO method.(Round "Cost per Unit" to 2 decimal places.)

FIFOCost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory - Periodic FIFO
# of unitsCost per unitCost of Goods Available for Sale# of units soldCost per unitCost of Goods Sold# of units in ending inventoryCost per unitEnding Inventory
Beginning Inventory10,000$8.00$80,00010,000$8.00$80,000!$8.00$0
Purchases:
August 826,000$7.10184,60026,000$7.10184,600!$7.100
August 1814,000$6.6092,400!$6.60!$6.60
Total50,000$357,00036,000$264,6000$0

HINT: The boxes with the "!" are the ones that need to be filledin

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