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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, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory 5,600 $ 7.10 $ 39,760 0 $ 7.10 Cost per unit 5,600 $ 7.10 $ Ending Inventory 39,760 Beginning Inventory Purchases: August 8 22,400 $ 7.30 163,520 0 $ 7.30 August 18 16,800 $ 7.40 124,320 8,400 $7.40 August 28 11,200 $ 7.60 85,120 Total 56,000 $ 412,720 11,200 $ 7.60 19,600 62,160 85,120 22,400 8,400 $ 7.30 $7.40 163,520 62,160 0 $ 7.60 $ 147,280 36,400 $ 265,440 < FIFO LIFO >

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, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory 5,600 $ 7.10 $ 39,760 0 $ 7.10 Cost per unit 5,600 $ 7.10 $ Ending Inventory 39,760 Beginning Inventory Purchases: August 8 22,400 $ 7.30 163,520 0 $ 7.30 August 18 16,800 $ 7.40 124,320 8,400 $7.40 August 28 11,200 $ 7.60 85,120 Total 56,000 $ 412,720 11,200 $ 7.60 19,600 62,160 85,120 22,400 8,400 $ 7.30 $7.40 163,520 62,160 0 $ 7.60 $ 147,280 36,400 $ 265,440 < FIFO LIFO >

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 5PA: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to...
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Altira Corporation provides the following information related to its inventory during the month of August 2024:

August 1 Inventory on hand—5,600 units; cost $7.10 each.
August 8 Purchased 22,400 units for $7.30 each.
August 14 Sold 16,800 units for $13.80 each.
August 18 Purchased 16,800 units for $7.40 each.
August 25 Sold 19,600 units for $12.80 each.
 August 28 Purchased 11,200 units for $7.60 each.
August 31 Inventory on hand—19,600 units.

Required:

Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using each of the following cost flow methods:

FIFO

LIFO

AVERAGE COST

 

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, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory 5,600 $ 7.10 $ 39,760 0 $ 7.10 Cost per unit 5,600 $ 7.10 $ Ending Inventory 39,760 Beginning Inventory Purchases: August 8 22,400 $ 7.30 163,520 0 $ 7.30 August 18 16,800 $ 7.40 124,320 8,400 $7.40 August 28 11,200 $ 7.60 85,120 Total 56,000 $ 412,720 11,200 $ 7.60 19,600 62,160 85,120 22,400 8,400 $ 7.30 $7.40 163,520 62,160 0 $ 7.60 $ 147,280 36,400 $ 265,440 < FIFO LIFO >
Transcribed Image Text: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, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory 5,600 $ 7.10 $ 39,760 0 $ 7.10 Cost per unit 5,600 $ 7.10 $ Ending Inventory 39,760 Beginning Inventory Purchases: August 8 22,400 $ 7.30 163,520 0 $ 7.30 August 18 16,800 $ 7.40 124,320 8,400 $7.40 August 28 11,200 $ 7.60 85,120 Total 56,000 $ 412,720 11,200 $ 7.60 19,600 62,160 85,120 22,400 8,400 $ 7.30 $7.40 163,520 62,160 0 $ 7.60 $ 147,280 36,400 $ 265,440 < FIFO LIFO >
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