tlon 9- Ch 8 Den xdex.html?_con%3Dcon&external_browser%3D0&launchUrl3Dhttps%253A%252F%252Fblackboard.american.edu%2... ☆Bb Class Exampleemonstration Problems iLaunch Meeting-Zoc xCWIFI Landing PagAltira Corporation provides the following information related to its merchandise inventory during the month of August 2021:SavedHelpAug.1 Inventory on hand-2,000 units; cost $5.30 each.B Purchased 8,000 units for $5.50 cach.14 Sold 6,000 units for $12.00 each.18 Purchased 6,000 units for $5.60 cach.25 Sold 7,000 units for $11.00 each.28 Purchased 4,000 units for $5.80 each.31 Inventory on hand-7,000 units.Save & ExitSuRequired:Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021,balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flowmethods.Complete this question by entering your answers in the tabs below.FIFOLIFOAverage CostAverage CostDetermine the inventory balance Altıra would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 incomestatement using the Average cost method. (Round cost per unit to 2 decimal places.)Ending Inventory-Average Cost# of unitsin endinginventoryCost of Goods Sold Average CostCost of Goods Availlable for SaleCost of GoodsAvailable forSale,UnitCost# of unitssoldAverageCost perUnitCost ofGoods SoldAverageCost perEndingInventoryAverage Costunit# of units,2,000$ 5.3010,600Beginning InventoryPurchases!44,0008,000$ 5.50August 833,6006,000$ 5.602$0.August 18August 2823,2007,0004,000S 5.80111.4006,00020,000Total%24%24

Name: tlon 9- Ch 8 Den xdex.html?_con%3Dcon&external_browser%3D0&launchUrl3
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Description: tlon 9- Ch 8 Den xdex.html?_con%3Dcon&external_browser%3D0&launchUrl3Dhttps%253A%252F%252Fblackboard.american.edu%2... ☆Bb Class Exampleemonstration Problems iLaunch Meeting-Zoc xCWIFI Landing PagAltira Corporation provides the following information

Inventory balance = $ 40,000 Cost of Goods sold= $ 71,400

Business

Accounting

252F%252Fblackboard.american Saved 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. 8 Purchased 8,000 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 calculation

252F%252Fblackboard.american Saved 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. 8 Purchased 8,000 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 calculation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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tlon 9- Ch 8 Den x
dex.html?_con%3Dcon&external_browser%3D0&launchUrl3Dhttps%253A%252F%252Fblackboard.american.edu%2... ☆
Bb Class Example
emonstration Problems i
Launch Meeting-Zoc x
CWIFI Landing Pag
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Saved
Help
Aug.1 Inventory on hand-2,000 units; cost $5.30 each.
B Purchased 8,000 units for $5.50 cach.
14 Sold 6,000 units for $12.00 each.
18 Purchased 6,000 units for $5.60 cach.
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.
Save & Exit
Su
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
Average Cost
Determine the inventory balance Altıra 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.)
Ending Inventory-Average Cost
# of units
in ending
inventory
Cost of Goods Sold Average Cost
Cost of Goods Availlable for Sale
Cost of Goods
Available for
Sale,
Unit
Cost
# of units
sold
Average
Cost per
Unit
Cost of
Goods Sold
Average
Cost per
Ending
Inventory
Average Cost
unit
# of units,
2,000
$ 5.30
10,600
Beginning Inventory
Purchases!
44,000
8,000
$ 5.50
August 8
33,600
6,000
$ 5.60
2$
0.
August 18
August 28
23,200
7,000
4,000
S 5.80
111.400
6,000
20,000
Total
%24
%24

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