FIFO LIFO Average Cost ermine the inventory balance Altira would report in its A
ID: 2409966 • Letter: F
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FIFO LIFO Average Cost ermine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would ement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Cost of Goods Sold - Periodic Ending Inventory - Periodic FIFO Sale Cost per FIFO Cost sold per unitoods 6.50 Cost of Goods FIFO | # of units #of units Cost of #of units Cost Ending per unit Inventor 3,000 s 6.50 s 19,50 2,000$5.7068,400 12,000 5.70 68,400 12,000 5.70 68,40 Available unit inventory for Sale ning Inventory 3,000 $6.019,5003,000 ases gust 8 gust 18 19,500 7,000 $5.2036,400 2,000$5.20 22,000 10,400 $ 98,300 7,000 5.20 22,000 36,40 $ 124,300 17,000 $ 124,30Explanation / Answer
Cost of goods available for sale Cost of goods sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO # of units (A) Cost per unit Cost of goods available for sale # of units sold (B) Cost per unit Cost of goods sold # of units in ending inventory (A) - (B) Cost per unit Ending Inventory Beginning Inventory 3,000 $ 6.50 $ 19,500 3000 $ 6.50 $ 19,500 0 $ 6.50 $0 Purchases: Aug-08 12,000 $ 5.70 $ 68,400 12000 $ 5.70 $ 68,400 0 $ 5.70 $0 Aug-18 7,000 $ 5.20 $ 36,400 2000 $ 5.20 $ 10,400 5,000 $ 5.20 $ 26,000 22,000 $ 1,24,300 17,000 $ 98,300 5,000 $ 26,000 Cost of goods available for sale Cost of goods sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO # of units (A) Cost per unit Cost of goods available for sale # of units sold (B) Cost per unit Cost of goods sold # of units in ending inventory (A) - (B) Cost per unit Ending Inventory Beginning Inventory 3,000 $ 6.50 $ 19,500 0 $ 6.50 $0 3,000 $ 6.50 $ 19,500 Purchases: Aug-08 12,000 $ 5.70 $ 68,400 10,000 $ 5.70 $ 57,000 2,000 $ 5.70 $ 11,400 Aug-18 7,000 $ 5.20 $ 36,400 7,000 $ 5.20 $ 36,400 0 $ 5.20 $0 22,000 $ 1,24,300 17,000 $ 93,400 5,000 $ 30,900 Cost of goods available for sale Cost of goods sold - Average Cost Ending Inventory - Average Cost Average Cost # of units Cost per unit 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 3,000 $ 6.50 $ 19,500 Purchases: Aug-08 12,000 $ 5.70 $ 68,400 Aug-18 7,000 $ 5.20 $ 36,400 22,000 $ 1,24,300 17,000 $5.65* 96050 $ 5,000 $5.65* $ 28,250 *Average Cost = Cost of goods available for sale / No. Of units = $1,24,300/22,000 units = $5.65
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