Question

8 Homework Help Save& Exit Subm Exercise 8-13 Inventory cost flow methods; periodic system [LO8-1, 8-4 Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available og.1 Inventory on hand-6,000 unies cost $7-70 each 8 Purehased 18,000 unita foe $6.30 each. 14 Sold 14, 18 Parchased 10,000 unita for $5.80each. 80 each 80 esch its. 31 Inventory on hand-7,000 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 its August 2018 income statement using each of the following cost flow methods below. Complete this question by entering your answers in the tabs <Prev 6of11 Next廿 MacBook Air 20 3 4

Answer 1

solution: FIFO Cost of goods available for sale Cost of Goods Sold Ending In Units Unit Cost Cost of goods available for sale Units sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Ending Inventory 7.70 Beginning inventory Purchase 6000 46200 6000 7.70 46200 18000 6.30 113400 18000 6.30 |113400 5.80 17400 177000 Aug 18. 5.80 5.80 217600 LIFO Cost of goods available for sale Cost of Goods Sold Ending l Units Unit Cost Cost of goods available for sale Units sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Ending Inventory 46200 Beginning inventory Purchase 6000 7.70 46200 6000 7.70 18000 6.30 113400 17000 6.30 |107100 5.80 58000 165100 1000 6.30 6300 Aug 18 5.80 34000 217600 27000 52500 Average cost Cost of goods available for sale Cost of Goods Sold Ending In Units Unit Cost Cost of goods available for sale Units sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Ending Inventory 7.70 Beginning inventory Purchase 6000 46200 18000 6.30 113400 Aug 18. 5.80 217600 27000 6.40 172800 6.40 44800 average cost-217600/34000 6.40 4 ト 뉘 Sheet1637 Sheet1638 Sheet1639 Sheet1640 . Sheet1641 Sheet1642 Sheet!643 . Sheet1644 07:54 UK 30 D4/2018