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30 each. tem, determine port in its Augu

30 each. tem, determine port in its Augu

FINANCIAL ACCOUNTING
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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Saved Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Help Save & Exit Submit Aug.1 Inventory on hand-2,000 units; cost $5.30 each. B 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 calculations based on a periodic înventory 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. ook 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 method. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost of Goods Available for Sale FIFO Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory # of units Beginning Inventory 2,000 5.30 10,600 24 5.30 5.30 Purchases: August 8 8,000 5.50 44,000 5.50 5.50 August 18 6,000 5.60 33,600 5.60 6,000 5.60 33,600 August 28 4,000 5,80 23.200 2. 5.80 5.80 Total 20,000 111,400 6,000 33,600 < Prev 9 of 12 Next > ntion MacBook Air %24 %24 %24 %24 %24 %24 %24 %24
Transcribed Image Text:Saved Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Help Save & Exit Submit Aug.1 Inventory on hand-2,000 units; cost $5.30 each. B 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 calculations based on a periodic înventory 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. ook 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 method. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost of Goods Available for Sale FIFO Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory # of units Beginning Inventory 2,000 5.30 10,600 24 5.30 5.30 Purchases: August 8 8,000 5.50 44,000 5.50 5.50 August 18 6,000 5.60 33,600 5.60 6,000 5.60 33,600 August 28 4,000 5,80 23.200 2. 5.80 5.80 Total 20,000 111,400 6,000 33,600 < Prev 9 of 12 Next > ntion MacBook Air %24 %24 %24 %24 %24 %24 %24 %24
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