Practice Problems for Exam 2 Help Save 17 Exercise 8-13 Inventory cost flow meth

Question

Practice Problems for Exam 2 Help Save 17 Exercise 8-13 Inventory cost flow methods: periodic system [LO8-1,8-4) Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: 10 points Aug.1 Inventory on hand-7,500 units: cost $7.10 each 024368 Purchased 21,000 units for $6.60 each. 14 Sold 15,500 units for $13.10 each 18 Purchased 11,500 unita for $6.10 each. 25 Sold 14,500 units for $12.10 each 31 Inventory on hand-10,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using each of the following cost flow methods: Hint Complete this question by entering your answers in the tabs below Print FIFO LIFOAverage Cost Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its Augu statement using the FIFO method. (Round "Cost per Unit" to 2 deaimal places.) Cost of Goods Available for Sale Cost of Goods Sold-Periodic FIFO Ending Inventory-Periodic FIFO Cost per unit Cost of Goods | # of units # of units per Ending unit Inventory Cost ofin ending u Goods Sold | Cost per EIFO Cost per Available for sold Sale # of units unit Beginning Inventory August 8 August 18

Explanation / Answer

Schedule- FIFO :

Schedule- LIFO :

Schedule- Average cost

Cost of goods available for sale Cost of goods sold Ending inventory FIFO # of units Unit cost Cost of goods available for sale # of units sold Cost per unit Cost of goods sold # of units in ending inventory cost per unit Ending inventory Beginning inventory 7500 7.10 53250 7500 7.10 53250 Purchases August 8 21000 6.60 138600 21000 6.6 138600 August 18 11500 6.10 70150 1500 6.1 9150 10000 6.1 61000 Total 40000 262000 30000 201000 10000 61000

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