Altira Corporation uses a periodic inventory system. The following information r

Question

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand—6,500 units; cost $7.90 each. 8 Purchased 24,000 units for $6.90 each. 14 Sold 18,000 units for $13.40 each. 18 Purchased 13,000 units for $6.40 each. 25 Sold 17,000 units for $12.40 each. 31 Inventory on hand—8,500 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: FIFO,LIFO, Average cost

Explanation / Answer

Answer:-

Expanation:-1)-

2)-

3)-

Particulars FIFO LIFO Average cost $ $ $ Ending inventory 54400 65150 57375 Cost of goods sold 245750 235000 242730

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