Atra Corporation provides the following Information related to its merchandise Inventory during the month of August 202t Aug.1 Inventory on hand-3,180 units; cast $6.4 cach. 8 Purchased 15, see units for $6.5a each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $6.78 cach. 25 Sold 11,4ee units for S12.10 each. 28 Purchased 5,180 units for $5.80 cach. 31 Inventery on hand-9,20 units. Required: Using calculations based on a perlodic inventory system, determine the Inventory balance Atira 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 methocs. Answer is not complete. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Determine the inventory balance Aitira 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.) Cost of Goods Avallable for Bale Cost per unit Cost of Goods Bold - Periodie LIFO Ending inventory - Periodio LIFO Cost sof units in ending Inventory LIFO Cost of Ooods Cost Cost of Ending s of units s of units sold per per Avalable for Bale Goods Bold Inventory unit unit Beginning inventory 3,100 19.840 640 6.40 640 Purchases August 15.500 6.60 102.300 6.60 6.60 August 18 9300 6.70 62310 6.70 6.70 August 28 5.100 29.580 5.80 5.80 Total 33.000 214.030 < AFO Average Cost >
Atra Corporation provides the following Information related to its merchandise Inventory during the month of August 202t Aug.1 Inventory on hand-3,180 units; cast $6.4 cach. 8 Purchased 15, see units for $6.5a each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $6.78 cach. 25 Sold 11,4ee units for S12.10 each. 28 Purchased 5,180 units for $5.80 cach. 31 Inventery on hand-9,20 units. Required: Using calculations based on a perlodic inventory system, determine the Inventory balance Atira 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 methocs. Answer is not complete. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Determine the inventory balance Aitira 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.) Cost of Goods Avallable for Bale Cost per unit Cost of Goods Bold - Periodie LIFO Ending inventory - Periodio LIFO Cost sof units in ending Inventory LIFO Cost of Ooods Cost Cost of Ending s of units s of units sold per per Avalable for Bale Goods Bold Inventory unit unit Beginning inventory 3,100 19.840 640 6.40 640 Purchases August 15.500 6.60 102.300 6.60 6.60 August 18 9300 6.70 62310 6.70 6.70 August 28 5.100 29.580 5.80 5.80 Total 33.000 214.030 < AFO Average Cost >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Altra
orporation provides the following Information
ated to its merchandise Inventory during the month of August 2021:
Aug.1 Inventory on hand-3,100 units, cost $6.48a each.
8 Purchased 15, 588 units for $6.58 each.
14 Sold 12, 400 units for $13.10 each.
18 Purchased 9,388 units for $6.70 each.
25 Sold 11,4ee units for $12.10 each.
28 Purchased 5,180 units for $5.88 each.
31 Inventory on hand-9,288 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.
Answer is not complete.
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
methad. (Round "Cast per Unit" to 2 decimal places.)
Coct of Goods Bold - Periodio FIFO
Coct of Goods Avallable for Bale
Ending Inventory - Perlodio FIFO
Cost
Cost
Cost
FIFO
* of units
Cost of Goode
Avallable for aale
= of unite in ending
Inventory
Cost of
Ending
* of unite
per
per
per
cold
Goods Bold
Inventory
unit
unit
unit
Baginning inventory
3,100
3,100
IS
57,060 0
s 365,120
19,840
19,840
6.40
6.40
6.40
Purchases
August
15,500
102,300
15,500
102,300
156,980 X
1,036.068
6.60
6.60
6.60
August 18
60,100 3
6.70
9,300
62,310
9.300
62,310
402.670
6.70
6.70
August 28
5,100
5,100
153,930 8
29,580
892,794
5.80
5.80
Total
33,000
214,030
33.000
184,450
428,060
2,696,652
< FIFO
LIFO >
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-3,188 units; cast $6.48 each.
8 Purchased 15, 58a units for $6.50 each.
14 Sold 12,400 units for $13.10 each.
18 Purchased 9,380 units for $6.78 each.
25 Sold 11,4e0 units for $12.10 each.
28 Purchased 5,18a units for $5.88 each.
31 Inventory on hand-9,280 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.
Answer is not complete.
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
LIFO methad. (Raund "Cost per Unit" to 2 decimal places.)
Cost of Goodc Avallable for Bale
Cost of Goode Bold - Perlodio LIFO
Ending Inventory - Perlodlo LIFO
s of units in
Cost
per
Coct
Coct
LIFO
Cost of Ooods
Coct of
Ending
# of units
# of units sold
per
unit
per
вnding
Goods Bold
Inventory
Avallable for aale
unit
unit
Inventory
Beginning Inventory
3,100
19.840
6.40
6.40
6.40
Purchases:
August
15,500
102,300
6.60
6.60
6.60
August 18
9,300
62,310
6.70
6.70
6.70
August 28
5,100
29,580
5.80
5.80
Total
33.000
214,030
< AFO
Average Cost >
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