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.

Altira Corporation provides the following information related to its inventory during the month of August 2024:

August 1	Inventory on hand—4,600 units; cost $6.60 each.
August 8	Purchased 18,400 units for $6.80 each.
August 14	Sold 13,800 units for $13.30 each.
August 18	Purchased 13,800 units for $6.90 each.
August 25	Sold 16,100 units for $12.30 each.
August 28	Purchased 9,200 units for $7.10 each.
August 31	Inventory on hand—16,100 units.

  
 

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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 method. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost Ending per unit Inventory Beginning Inventory 4,600 $6.60 $ 30,360 4,600 $6.60 $ 30,360 $ 6.60 S 0 Purchases: August 8 18,400 $6.80 125,120 18,400 $6.80 125,120 $ 6.80 0 August 18 13,800 $ 6.90 95,220 $ 6.90 $ 6.90 August 28 9,200 $ 7.10 65,320 $ 7.10 $ 7.10 Total 46,000 $ 316,020 23,000 $ 155,480 0 $ 0 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 method. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost Ending per unit Inventory Beginning Inventory 4,600 $6.60 $ 30,360 4,600 $6.60 $ 30,360 $ 6.60 S 0 Purchases: August 8 18,400 $6.80 125,120 18,400 $6.80 125,120 $ 6.80 0 August 18 13,800 $ 6.90 95,220 $ 6.90 $ 6.90 August 28 9,200 $ 7.10 65,320 $ 7.10 $ 7.10 Total 46,000 $ 316,020 23,000 $ 155,480 0 $ 0

Answer rating: 100% (QA)

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