Altira Corporation provides the following information related to its inventory during the month of August 2024:
August 1 Inventory on hand-2,800 units; cost $5.70 each.
August 8 Purchased 11,200 units for $5.90 each.
August 14 Sold 8,400 units for $12.40 each.
August 18 Purchased 8,400 units for $6.00 each.
August 25 Sold 9,800 units for $11.40 each.
August 28 Purchased 5,600 units for $6.20 each.
August 31 Inventory on hand-9,800 units.
Required:
Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024,
balance sheet and the cost of goods sold it would report in its August 2024 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, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIF
method.
Cost of Goods Available for Sale
Cost of Goods Sold - Periodic FIFO
Ending Inventory - Periodic FIFO
FIFO
Number of
units
Cost Cost of Goods Available Number of units Cost
per unit
for Sale
sold
per unit
Cost of Goods
Sold
Number of units in
Cost Ending
ending inventory
per unit Inventory
Beginning Inventory
2,800 $ 5.70 $
15,960
$ 5.70
$ 5.70 $
0
Purchases:
August 8
11,200 $ 5.90
66,080
$ 5.90
$ 5.90
0
August 18
8,400 $ 6.00
50,400
$ 6.00
$ 6.00
August 28
5,600 $ 6.20
34,720
$ 6.20
$ 6.20
Total
28,000
$
167,160
0
$
0
0
$
0
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