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 8,000 units for $5.50 each. 8 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. F%252Fblackboard.american.edu%2... Saved 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. ☆ Help
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 8,000 units for $5.50 each. 8 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. F%252Fblackboard.american.edu%2... Saved 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. ☆ Help
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
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Class Example
onstration Problems i)
Launch Meeting - Zoo X
WIFI Landim
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Saved
TV TO
Help
Save & Exit
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 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
LIF
P
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.)
Ending Inventory - Periodic LIFO
# of units
In ending
inventory
Cost of Goods Available for Sale
Cost of Goods Sold- Periodic LIFO
Cost of Goods
# of units
sold
Cost per
unit
Cost of
Goods Sold
Cost per
unit
Ending
Inventory
LIFO
Cost per Available for
unit
# of units
Sale
2,000
$ 5.30
10,600
2,000
5.30
10,600
5.30
Beginning Inventory
Purchases:
5.50
22,000
4,000 $
5.50
22,000
8,000
$ 5.50
44,000
4,000
S.
16,800
August 8
3,000 $
5.60
33,600
5.60
6,000
S 5.60
5.80
0.
August 18
August 28
2$
5.80
4,000
$ 5.80
23,200
%24
38,800
24
32,600
7,000
S 111,400
6,000
20,000
Total
%24
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81f3c13b-c916-4610-ab84-ceb3c5d340e8%2F687bd7bb-6ef8-4f0d-a23c-161a5c25333e%2Fuiox1a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:external_browser%3D0&launchUrl=https%253A%252F%252Fblackboard.american.edu%2...
Class Example
onstration Problems i)
Launch Meeting - Zoo X
WIFI Landim
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Saved
TV TO
Help
Save & Exit
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 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
LIF
P
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.)
Ending Inventory - Periodic LIFO
# of units
In ending
inventory
Cost of Goods Available for Sale
Cost of Goods Sold- Periodic LIFO
Cost of Goods
# of units
sold
Cost per
unit
Cost of
Goods Sold
Cost per
unit
Ending
Inventory
LIFO
Cost per Available for
unit
# of units
Sale
2,000
$ 5.30
10,600
2,000
5.30
10,600
5.30
Beginning Inventory
Purchases:
5.50
22,000
4,000 $
5.50
22,000
8,000
$ 5.50
44,000
4,000
S.
16,800
August 8
3,000 $
5.60
33,600
5.60
6,000
S 5.60
5.80
0.
August 18
August 28
2$
5.80
4,000
$ 5.80
23,200
%24
38,800
24
32,600
7,000
S 111,400
6,000
20,000
Total
%24
%24
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