# 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 $13.00 each. 31 Inventory on hand—15,500 units.  Required: Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round "Average Cost per Unit" to 2 decimal places.) Ending Inventory-Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods of units FIFO of units sold Cost per Cost per unit Cost per Ending Inventory Cost of Available for in ending inventory  of units Goods Sold unit unit Sale 8.80$ 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

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