Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...

Question

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 is available:


Aug.1	Inventory on hand—10,500 units; cost $8.80 each.
8	Purchased 30,000 units for $7.50 each.
14	Sold 21,000 units for $14.00 each.
18	Purchased 16,000 units for $7.00 each.
25	Sold 20,000 units for $13.00 each.
31	Inventory on hand—15,500 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.)

Ending Inventory-Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods #of units FI

Ending Inventory-Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods #of units FIFO #of units sold Cost per Cost per unit Cost per Ending Inventory Cost of Available for in ending inventory # of units Goods Sold unit unit Sale 8.80 $ 10,500 $ 10,500 92,400 $ $ Beginning Inventory 8.80 92,400 8.80 0 Purchases 30,000 7.50 $ 225,000 August 8 225,000 30,000 7.50 7.50 0 7.00 $ $ August 18 16,000 112,000 7.00 7.00 Total $ 317,400 56,500 429,400 40,500 0 0

Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Cost of Goods Cost per Available for #of units in ending inventory LIFO of units Cost per Cost per unit Cost of Ending Inventory #of units unit sold Goods Sold unit Sale Beginning Inventory 10,500 8.80 $ $ $ $ 92,400 8.80 0 8.80 Purchases $ 7.50 30,000 225,000 $ August 8 7.50 7.50 $ 7.00 $ $ August 18 16,000 112,000 7.00 7.00 0 Total 429,400 56,500 0 Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost #of units Cost of Goods Average Cost per Average Cost per Average Cost #of units sold Ending Inventory Unit Cost Cost of # of units in ending inventory Available for Goods Sold Sale Unit unit Beginning Inventory Purchases: 8.80 $ 10,500 92,400 $ 7.50 30,000 August 8 225,000 16,000 7.00 August 18 112,000 Total 56,500 429,400 $ $ 0 0

 · Answer

FIFO  Cost of goods available for sale  Cost of goods sold  Ending inventory      # of units  Cost per unit  Total  # of units  Cost per unit  Total  # of units  Cost per unit  Total    Beginning inventory  10500  8.80  92400  10500  8.80  92400  0  8.80  0    Purchases:                      August 8  30000  7.50  225000  30000  7.50  225000  0  7.50  0    August 18  16000  7.00  112000  500  7.00  3500  15500  7.00  108500    Total  56500    429400  41000    320900  15500    108500                                                LIFO  Cost of goods available for sale  Cost of goods sold  Ending inventory      # of units  Cost per unit  Total  # of units  Cost per unit  Total  # of units  Cost per unit  Total    Beginning inventory  10500  8.80  92400  0  8.80  0  10500  8.80  92400    Purchases:                      August 8  30000  7.50  225000  25000  7.50  187500  5000  7.50  37500    August 18  16000  7.00  112000  16000  7.00  112000  0  7.00  0    Total  56500    429400  41000    299500  15500    129900                          Average cost  Cost of goods available for sale  Cost of goods sold  Ending inventory      # of units  Cost per unit  Total  # of units  Cost per unit  Total  # of units  Cost per unit  Total    Beginning inventory  10500  8.80  92400                Purchases:                      August 8  30000  7.50  225000                August 18  16000  7.00  112000                Total  56500  7.60  429400  41000  7.60  311600  15500  7.60  117800                          Average cost  7.60  =429400/56500                 .

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...

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FIFO	Cost of goods available for sale			Cost of goods sold			Ending inventory
	# of units	Cost per unit	Total	# of units	Cost per unit	Total	# of units	Cost per unit	Total
Beginning inventory	10500	8.80	92400	10500	8.80	92400	0	8.80	0
Purchases:
August 8	30000	7.50	225000	30000	7.50	225000	0	7.50	0
August 18	16000	7.00	112000	500	7.00	3500	15500	7.00	108500
Total	56500		429400	41000		320900	15500		108500


LIFO	Cost of goods available for sale			Cost of goods sold			Ending inventory
	# of units	Cost per unit	Total	# of units	Cost per unit	Total	# of units	Cost per unit	Total
Beginning inventory	10500	8.80	92400	0	8.80	0	10500	8.80	92400
Purchases:
August 8	30000	7.50	225000	25000	7.50	187500	5000	7.50	37500
August 18	16000	7.00	112000	16000	7.00	112000	0	7.00	0
Total	56500		429400	41000		299500	15500		129900

Average cost	Cost of goods available for sale			Cost of goods sold			Ending inventory
	# of units	Cost per unit	Total	# of units	Cost per unit	Total	# of units	Cost per unit	Total
Beginning inventory	10500	8.80	92400
Purchases:
August 8	30000	7.50	225000
August 18	16000	7.00	112000
Total	56500	7.60	429400	41000	7.60	311600	15500	7.60	117800

Average cost	7.60	=429400/56500