iPad 3:11 PM ezto.mheducation.com Unit 2 Study Questions Revis Chegg Study I Gui

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iPad 3:11 PM ezto.mheducation.com Unit 2 Study Questions Revis Chegg Study I Guided Solutio | IPad1:57 PM Ezto.mheduc 3 Chapter 8 Homework ING Chapter 8 Homework instructions help Question 5 (of 7) Save & Exit | | Submit 5.00 points Altira Corporation uses a periodic inventory system. The following information related to its merchandise nventory during the month of August 2016 is available: Aug.1 Inventory on hand-3,000 units; cost $7.50 each 8 Purchased 19,000 units for $6.40 each. 14 Sold 12.500 units for $12.90 each 18 Purchased 10.500 units for $5.90 each. 25 Sold 11,500 units for $11.90 each 31 Inventory on hand 8,500 units 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.) Cost of Goods Available for Sale Cost of Goods Sold-Periodic FIFO Ending Inventory-Periodic FIFO # of units FIFO Cost per Cost of Goods | # of units sold Cost of in ending unit Cost per Cost per Ending Available for Sale #ot units unit Goods Sold Beginning Inventory $ 0.00 0.00 s August 8 August 18 $ 0.00 S 0.00 S 0.00 S 0.00 Total t of Goods Available for Sale of Goods Sold Periodic Ending Inventory - Periodic LIFO Cost of Goods Cost per Available for sold #Of units Cost ofin ending LIFO of units cost per unit Ending Cost per unit #Of units unit Goods Sold Sale Beginning Inventory 0.00 S 0.00 August 8 August 18 $ 0.0 $ 0.00 S 0.00 S 0.00 Total t of Goods for Sale t of Goods Sold-Average C Ending Inventory -Average Cost of units Average Ending Cost of Goods Cost per Available for sold Cost of | # units Goods Sold Average cos 1#of units | # of units cost per unit Sale Beginning Inventory August 8 August 18 Total

Explanation / Answer

FIFO Cost of goods Avaiable for sale cost of goods sold ending inventory #of units per unit available #of units per unit available #of units per unit available Beginning inventory 3000 7.5 22500 3000 7.5 22500 purchases: 8-Aug 19,000 6.4 121600 19,000 6.4 121600 18-Aug 10,500 5.9 61950 2000 5.9 11800 8,500 5.9 50150 total 32500 206050 24000 155900 8,500 50150 LIFO Cost of goods Avaiable for sale cost of goods sold ending inventory #of units per unit available #of units per unit available #of units per unit available Beginning inventory 3000 7.5 22500 3000 7.5 22500 purchases: 8-Aug 19,000 6.4 121600 13,500 6.4 86400 5500 6.4 35200 18-Aug 10,500 5.9 61950 10,500 5.9 61950 total 32500 206050 24000 148350 8,500 57700 Average Cost of goods Avaiable for sale cost of goods sold ending inventory #of units per unit available #of units per unit available #of units per unit available Beginning inventory 3000 22500 purchases: 8-Aug 19,000 121600 18-Aug 10,500 61950 total 32500 6.34 206050 24,000 6.34 152160 8,500 6.34 53890

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