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-2,000 units; cost $6.10 each. 8 Purchased 10,000 units for $5.50 each. 14 Sold 8,000 units for $12.00 each 18 Purchased 6,000 units for $5.00 each. 25 Sold 7,000 units for $11.00 each 31 Inventory on hand-3,000 units. Required Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in ts August 2018 income statement using each of the following cost flow methods. Complete this question by entering your answers in the tabs below FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Cost of Goods | # of units | # of units LIFO Cost perAvailable for sold Cost per unit | Cost per # of units | Goods Sold in ending inventory unit unit Inventory Sale 0.00$ S 0.00 Beginning Inventory Purchases August 8 August 18 S 0.00 S 0.00 S 0.00 S 0.00 Total 0 FIFO Average Cost >

Explanation / Answer

4000:-

2000

2000

6.10

5.50

23200:-

12200

11000

7000:

6000

1000

5.0

5.5

30000

5500

3000:-

2000

1000

6.1

5.5

17700:-

12200

5500

Statement showing inventory valuation as per LIFO LIFO No. of units Cost per Unit COGAFS No. of units sold Cost per unit COGS NO. of ending units Cost per Unit Ending inventory as per LIFO Begining invrntory 2000 6.10 12200 Purchases: Aug.8 10000 5.5 55000 Aug.14 8000 5.5 44000

4000:-

2000

2000

6.10

5.50

23200:-

12200

11000

Aug. 18 6000 5.0 30000 Aug.25

7000:

6000

1000

5.0

5.5

30000

5500

Aug.31

3000:-

2000

1000

6.1

5.5

17700:-

12200

5500

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.