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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-),700 units; cost $7.00 each, 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $7.30 each, 25 Sold 13,800 units for $12.70 each, 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10,400 units. Required: 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

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-),700 units; cost $7.00 each, 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $7.30 each, 25 Sold 13,800 units for $12.70 each, 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10,400 units. Required: 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

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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Altira Corporation provides the following information related to Its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,700 units; cost $7.00 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,s00 units for $13.70 each, 18 Purchased 11,100 units for $7.30 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10,400 units. Required: 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 woold report in its August 2021 inco LIFO method. (Round "Cost per Unit" to 2 decimal places) Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory Periodic LIFO of units in ending inventory LIEO Cost # of units Cost of Goods Available for Sale Cost Cost of Goods per unit per *of units sold Cost Ending Aunit Sold per unit inventory Beginning Inventory 3,700 $7 00S 25 00 $7.00S S700
Transcribed Image Text:Altira Corporation provides the following information related to Its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,700 units; cost $7.00 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,s00 units for $13.70 each, 18 Purchased 11,100 units for $7.30 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10,400 units. Required: 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 woold report in its August 2021 inco LIFO method. (Round "Cost per Unit" to 2 decimal places) Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory Periodic LIFO of units in ending inventory LIEO Cost # of units Cost of Goods Available for Sale Cost Cost of Goods per unit per *of units sold Cost Ending Aunit Sold per unit inventory Beginning Inventory 3,700 $7 00S 25 00 $7.00S S700
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