its merchandise inventory during the month of August 2016: Augt Inventory on han
ID: 2561960 • Letter: I
Question
its merchandise inventory during the month of August 2016: Augt Inventory on hand-3,700 units; cost 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 31 Inventory on hand-4,700 units. Required: Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round "Average Cost per Unit" to 2 decimal places.) Cost of Goods A for Sale Cost of Goods Sold- August 14 Cost of Goods | #of Perpetual FIFO Cost of Goods Sold - August 25 #of cost per Goods. I units unit Available for Available for units Cost per Cost of unit Goods Sold sold | 1, of units | Cost per | | # of units | Sale unit Goods Sold in ending Cost of Cost per Ending 3,700 s 7.80 $ 28,860 3,700 S 7.0 unit Inventory 28860 OS 7.80 $ August 8 0 $ 780S 18,500 11,100 7.20 133.200 71,040 S 233,100 3,700 7.20 6.40 7.20 6.40 6.40 7.20 6.40Explanation / Answer
cost of goods avalilable for sale cost of goods sold - periodic FIFO endingin inventory -fifo FIFO units cost COG avail for sale units cost COGS unts cost ending inventory beginning inventory 3700 7.80 28860 3700 7.80 28860 7.80 purchases: Aug-08 18500 7.20 133200 18500 7.20 133200 7.20 Aug-18 11100 6.40 71040 6400 6.40 40960 4700 6.40 30080 total 33300 233100 28600 203020 4700 30080 cost of goods avalilable for sale cost of goods sold - periodic LIFO endingin inventory -LIFO LIFO units cost COG avail for sale units cost COGS unts cost ending inventory beginning inventory 3700 7.8 28860 7.80 0 3700 7.80 28860 purchases: Aug-08 18500 7.2 133200 17500 7.20 126000 1000 7.20 7200 Aug-18 11100 6.4 71040 11100 6.40 71040 6.40 0 total 33300 0 233100 28600 197040 4700 36060 cost of goods avalilable for sale cost of goods sold - average cost endingin inventory -average cost average cost units cost COG avail for sale units cost COGS unts cost ending inventory beginning inventory 3700 7.80 28860 purchases: August - 8 18500 7.20 133200 subtotal average cost 22200 7.30 162060 sale - august 14 14800 7.30 108040 subtotal average cost 7400 7.30 54020 purchases: August - 18 11100 6.40 71040 subtotal average cost 18500 6.76 125060 sale - august 25 13800 6.76 93288 4700 6.76 31772 28600 201328 4700 31772
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