Chapter 08 Pre-Built Problems Help Save&x; 7 Check my Altira Corporation uses a

Question

Chapter 08 Pre-Built Problems Help Save&x; 7 Check my Altira Corporation uses a periodic Inventory system. August 2018 is available: The following Information related to its merchandise inventory during the month of Inhformation 10 points Aug.1 Inventory on hand-7,500 unitai cost $7.10 each. 8 Purchased 21,000 units for $6.60 each. 14 Sold 15,500 units for $13.10 each 18 Purchased 11,500 unita for $6.10 each. 25 Sold 14,500 units for $12.10 each. 31 Inventory on hand-10,000 unit. eBock Hint Print Requir References 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 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 the FIFO method. (Round "Cost per Unit to 2 decimal places) Ending Inventory-Pariodic FIFO Ending Cost of Goods Available for Sale Cost of Goods Sold- Periodic FIFO Cost of Goods | # of units of Cost per Available for sold EIFO Cost per Cost of in ending unit # of units Cost per unit Goods Sold in ending Cost per unit Sale 53,25 7.sols 7 101s s3250 138.600 21,000 $ 6.60 138,600 $7.10 $ Beginning Inventory 7.50of s 7, 101 s S 6.60 21.000$ 6.60 MacBook Air

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Aug 7500 7.1 53250 7500 7.1 53250 Purchasse 8-Aug 21000 6.6 138600 21000 6.6 138600 18-Aug 11500 6.1 70150 1500 6.1 9150 10000 6.1 61000 TOTAL 40000 262000 30000 201000 10000 61000 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Aug 7500 7.1 53250 7500 7.1 53250 Purchasse 8-Aug 21000 6.6 138600 18500 6.6 122100 2500 6.6 16500 18-Aug 11500 6.1 70150 11500 6.1 70150 TOTAL 40000 262000 30000 192250 10000 69750 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Aug 7500 7.1 53250 Purchasse 8-Aug 21000 6.6 138600 18-Aug 11500 6.1 70150 TOTAL 40000 6.55 262000 30000 6.55 196500 10000 6.55 65500

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