(Please answer the incorrect ones) Thanks Altira Corporation uses a periodic inv
ID: 2577537 • Letter: #
Question
(Please answer the incorrect ones) Thanks
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—3,500 units; cost $6.70 each.
8 Purchased 17,000 units for $6.20 each.
14 Sold 11,500 units for $12.70 each.
18 Purchased 9,500 units for $5.70 each.
25 Sold 10,500 units for $11.70 each.
31 Inventory on hand—8,000 units.
Answer is not complete. 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, 2018, balance sheet and the cost of goods sold it would report i statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Sold - Periodic FIFO Cost of Goods Available for Ending Inventory - Periodic FIFO Sale #of |Cost per unit | Available units | Cost | Cost of sold Cost of Goods #of units inCost FIFO #of Ending Goods ending p Sold er unit Inventory per unit for Sale invento | 3,500$6.70 )|$ 23,450 | 3,500$ 6.70 |$23,450 Beginning Inventory Purchases August 8 August 18 17,000 $6.20 105,400 |17,000 $ 6.20 | 105,400 9,500$5.7054,150 2,000 5.70 11,400 $ 140,250 6.20 0 S 5.70 Total 30,000 $ 183,000 22,500Explanation / Answer
1) FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Date Units Cost per Unit Total Units Cost per Unit Total Units Cost per Unit Total August 2017 Beginning Inventory 3,500 $ 6.70 $ 23,450 3,500 $ 6.70 $ 23,450 Purchases:- 8 17,000 $ 6.20 $ 105,400 3,500 $ 6.70 $ 23,450 17,000 $ 6.20 $ 105,400 14 3,500 $ 6.70 $ 23,450 9,000 $ 6.20 $ 55,800 8,000 $ 6.20 $ 49,600 18 9,500 $ 5.70 $ 54,150 9,000 $ 6.20 $ 55,800 9,500 $ 5.70 $ 54,150 25 9,000 $ 6.20 $ 55,800 8,000 $ 5.70 $ 45,600 1,500 $ 5.70 $ 8,550 31 8,000 $ 5.70 $ 45,600 Total 30,000 $ 183,000 22,000 $ 137,400 8,000 $ 45,600 2) LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Date Units Cost per Unit Total Units Cost per Unit Total Units Cost per Unit Total August 2017 Beginning Inventory 3,500 $ 6.70 $ 23,450 3,500 $ 6.70 $ 23,450 Purchases:- 8 17,000 $ 6.20 $ 105,400 3,500 $ 6.70 $ 23,450 17,000 $ 6.20 $ 105,400 14 11,500 $ 6.20 $ 71,300 3,500 $ 6.70 $ 23,450 - $ - 5,500 $ 6.20 $ 34,100 18 9,500 $ 5.70 $ 54,150 3,500 $ 6.70 $ 23,450 5,500 $ 6.20 $ 34,100 9,500 $ 5.70 $ 54,150 25 9,500 $ 5.70 $ 54,150 3,500 $ 6.70 $ 23,450 1,000 $ 6.20 $ 6,200 4,500 $ 6.20 $ 27,900 31 3,500 $ 6.70 $ 23,450 4,500 $ 6.20 $ 27,900 Total 30,000 $ 183,000 22,000 $ 131,650 8,000 $ 51,350 3) LIFO Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory -Average Cost Date Units Cost per Unit Total Units Cost per Unit Total Units Cost per Unit Total August 2017 Beginning Inventory 3,500 $ 6.70 $ 23,450 3,500 $ 6.70 $ 23,450 Purchases:- 8 17,000 $ 6.20 $ 105,400 20,500 $ 6.29 $ 128,850 (23450+105400)/(3500+17000) =$6.29 14 11,500 $ 6.29 $ 72,282 9,000 $ 6.29 $ 56,568 - $ - 18 9,500 $ 5.70 $ 54,150 18,500 $ 5.98 $ 110,718 (56568+54150)/(9000+9500) =$5.98 25 10,500 $ 5.98 $ 62,840 8,000 $ 5.98 $ 47,878 31 8,000 $ 5.98 47,878 Total 30,000 $ 183,000 22,000 $ 135,122 8,000 $ 47,878
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