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Altira Corporation provides the following Information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3,100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 sold 11,40e units for $12.10 each. 28 Purchased 5,100 units for $5.se each. 31 Inventory on hand-9, 200 units. Requlred: Using calculations based on a periodic inventory system, determine the inventory balance Altira vwould report in its August 31, 2021, balance sheet and the cost of goods sold It vwould 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 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 FIFO 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 FIFO Cost per unit Cost of Goods Available for Sale # of units in ending inventory Ending per unit Inventory Cost Cost of Goods Sold Cost # of units # of units sold per unit Beginning Inventory Purchases: 3,100 $ 6.40 s 19,840 $ 6.40 $ 6.40 s $ 6.60 $ 6.60 15,500 $ 6.60 $ 6.70 5,100 $ 5.80 August 8 102,300 August 18 9,300 62,310 $ 6.70 S 6.70 August 28 29,580 S 5.80 Total 33,000 214,030 FIFO LIFO >

Altira Corporation provides the following Information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3,100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 sold 11,40e units for $12.10 each. 28 Purchased 5,100 units for $5.se each. 31 Inventory on hand-9, 200 units. Requlred: Using calculations based on a periodic inventory system, determine the inventory balance Altira vwould report in its August 31, 2021, balance sheet and the cost of goods sold It vwould 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 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 FIFO 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 FIFO Cost per unit Cost of Goods Available for Sale # of units in ending inventory Ending per unit Inventory Cost Cost of Goods Sold Cost # of units # of units sold per unit Beginning Inventory Purchases: 3,100 $ 6.40 s 19,840 $ 6.40 $ 6.40 s $ 6.60 $ 6.60 15,500 $ 6.60 $ 6.70 5,100 $ 5.80 August 8 102,300 August 18 9,300 62,310 $ 6.70 S 6.70 August 28 29,580 S 5.80 Total 33,000 214,030 FIFO LIFO >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Altıra Corporatilon provides the following Information related to Its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3, 100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 sold 11,400 units for $12.10 each. 28 Purchased 5,100 units for $5.80 each. 31 Inventory on hand-9, 200 units. Requlred: Using calculations based on a perlodic 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 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 FIFO 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 FIFO Cost per unit Cost of Goods Available for Sale Cost per unit Cost of Goods Sold # of units in ending inventory Cost Ending # of units # of units sold per unit Inventory Beginning Inventory 3,100 $ 6.40 19,840 $ 6.40 $ 6.40 Purchases: S 6.60 S 6.70 August 8 15,500 $ 6.60 102,300 $ 6.60 August 18 9,300 $ 6.70 62,310 $ 6.70 August 28 5,100 $ 5.80 29,580 S 5.80 Total 33,000 214,030 < FIFO LIFO >
Transcribed Image Text:Altıra Corporatilon provides the following Information related to Its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3, 100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 sold 11,400 units for $12.10 each. 28 Purchased 5,100 units for $5.80 each. 31 Inventory on hand-9, 200 units. Requlred: Using calculations based on a perlodic 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 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 FIFO 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 FIFO Cost per unit Cost of Goods Available for Sale Cost per unit Cost of Goods Sold # of units in ending inventory Cost Ending # of units # of units sold per unit Inventory Beginning Inventory 3,100 $ 6.40 19,840 $ 6.40 $ 6.40 Purchases: S 6.60 S 6.70 August 8 15,500 $ 6.60 102,300 $ 6.60 August 18 9,300 $ 6.70 62,310 $ 6.70 August 28 5,100 $ 5.80 29,580 S 5.80 Total 33,000 214,030 < FIFO LIFO >
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