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7. Altira Corporation uses a periodic inventory system. Thefollowing information related to its merchandise inventory duringthe month of August 2016 is available:

Aug.1 Inventory onhand—2,500 units; cost $6.50 each.
8 Purchased 11,000units for $5.60 each.
14 Sold 8,500 units for$12.10 each.
18 Purchased 6,500units for $5.10 each.
25 Sold 7,500 units for$11.10 each.
31 Inventory onhand—4,000 units.
Required:

Determine the inventory balance Altira would report in itsAugust 31, 2016, balance sheet and the cost of goods sold it wouldreport in its August 2016 income statement using each of thefollowing cost flow methods: (Round "Average Cost per Unit"to 2 decimal places.)

AverageCost Cost ofGoods Available for Sale Cost ofGoods Sold - Average Cost EndingInventory - Average Cost
# of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory
Beginning Inventory
Purchases:
August 8
August 18
Total 0 $0 $0 $0

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Casey Durgan
Casey DurganLv2
28 Sep 2019

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21. Altira Corporation uses a periodic inventory system. Thefollowing information related to its merchandise inventory duringthe month of August 2016 is available:

Aug.1 Inventory onhand—2,000 units; cost $6.10 each.
8 Purchased 10,000units for $5.50 each.
14 Sold 8,000 units for$12.00 each.
18 Purchased 6,000units for $5.00 each.
25 Sold 7,000 units for$11.00 each.
31 Inventory onhand—3,000 units.
Required:

Determine the inventory balance Altira would report in itsAugust 31, 2016, balance sheet and the cost of goods sold it wouldreport in its August 2016 income statement using each of thefollowing cost flow methods: (Round "Average Cost per Unit"to 2 decimal places.)

FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost perunit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
BeginningInventory 2,000 $6.10 $12,200 2,000 $6.10 $12,200 $6.10 $0
Purchases:
August 8 10,000 $5.50 55,000 $5.50 $5.50 0
August 18 6,000 $5.00 30,000 3,000 $5.00 15,000 $5.00
Total 18,000 $97,200 5,000 $27,200 0 $0
AverageCost Cost ofGoods Available for Sale Cost ofGoods Sold - Average Cost EndingInventory - Average Cost
# of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory
Beginning Inventory
Purchases:
August 8
August 18
Total 0 $0 $0 $0
LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO
# ofunits Cost perunit Cost ofGoods Available for Sale # of unitssold Cost perunit Cost ofGoods Sold # of unitsin ending inventory Cost perunit EndingInventory
Beginning Inventory 2,000 $6.10 $12,200 $6.10 $0 $6.10
Purchases:
August 8 10,000 $5.50 55,000 $5.50 $5.50
August 18 6,000 $5.00 30,000 $5.00 $5.00 0
Total 18,000 $97,200 0 $0 0 $0

Altira Corporation uses a periodic inventory system. Thefollowing information related to its merchandise inventory duringthe month of August 2018 is available:

Aug.1 Inventory on hand—2,000 units;cost $6.10 each.
8 Purchased 10,000 units for $5.50each.
14 Sold 8,000 units for $12.00each.
18 Purchased 6,000 units for $5.00each.
25 Sold 7,000 units for $11.00each.
31

Inventory on hand—3,000 units

Determine the inventory balance Altira would report in itsAugust 31, 2018, balance sheet and the cost of goods sold it wouldreport in its August 2018 income statement using each of thefollowing cost flow methods.

FIFO

LIFO

Average Cost

Determine the inventory balance Altira would report in itsAugust 31, 2018, balance sheet and the cost of goods sold it wouldreport in its August 2018 income statement using the FIFO method.(Round "Cost per Unit" to 2 decimal places.)

FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost perunit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
BeginningInventory 2,000 $6.10 $12,200 2,000 $6.10 $12,200 $6.10 $0
Purchases:
August 8 10,000 $5.50 55,000 10,000 $5.50 55,000 $5.50 0
August 18 6,000 $5.00 30,000 3,000 $5.00 15,000 $5.00
Total 18,000 $97,200 15,000 $82,200 0 $0

Determine the inventory balance Altira would report in itsAugust 31, 2018, balance sheet and the cost of goods sold it wouldreport in its August 2018 income statement using LIFO method.(Round "Cost per Unit" to 2 decimal places.)

LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO
# ofunits Cost perunit Cost ofGoods Available for Sale # of unitssold Cost perunit Cost ofGoods Sold # of unitsin ending inventory Cost perunit EndingInventory
Beginning Inventory 2,000 $6.10 $12,200 $6.10 $0 $6.10
Purchases:
August 8 $0.00 $0.00
August 18 $0.00 $0.00 0
Total 2,000 $12,200 0 $0 0 $0

Determine the inventory balance Altira would report in itsAugust 31, 2018, balance sheet and the cost of goods sold it wouldreport in its August 2018 income statement using Average costmethod. (Round "Average Cost per Unit" to 2 decimal places.)

AverageCost Cost ofGoods Available for Sale Cost ofGoods Sold - Average Cost EndingInventory - Average Cost
# of units Unit Cost Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory
Beginning Inventory
Purchases:
August 8
August 18
Total 0 $0 $0 $0

22.Altira Corporation uses a perpetual inventory system. Thefollowing transactions affected its merchandise inventory duringthe month of August 2016:

Aug.1 Inventory onhand—2,000 units; cost $6.10 each.
8 Purchased 10,000units for $5.50 each.
14 Sold 8,000 units for$12.00 each.
18 Purchased 6,000units for $5.00 each.
25 Sold 7,000 units for$11.00 each.
31 Inventory onhand—3,000 units.
Required:

Determine the inventory balance Altira would report in itsAugust 31, 2016, balance sheet and the cost of goods sold it wouldreport in its August 2016 income statement using each of thefollowing cost flow methods: (Round "Average Cost per Unit"to 2 decimal places.)

PerpetualFIFO: Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
Beg. Inventory 2,000 $6.10 $12,200 2,000 $6.10 $12,200 $6.10 $0 $6.10 $0
Purchases:
August 8 10,000 5.50 55,000 5.50 4,000 5.50 22,000 5.50 0
August 18 6,000 5.00 30,000 5.00 0 3,000 5.00 15,000 3,000 5.00 15,000
Total 18,000 $97,200 2,000 $12,200 7,000 $37,000 3,000 $15,000
PerpetualLIFO: Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
Beg. Inventory 2,000 $6.10 $12,200 $6.10 $0 $6.10 $0 2,000 $6.10 $12,200
Purchases:
August 8 10,000 5.50 55,000 5.50 1,000 5.50 5,500 1,000 5.50 5,500
August 18 6,000 5.00 30,000 5.00 0 6,000 5.00 30,000 5.00 0
Total 18,000 $97,200 0 $0 7,000 $35,500 3,000 $17,700
Perpetual Average Inventory on hand Cost of Goods Sold Inventory Balance
# of units Cost per unit Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending inventory
Beginning Inventory 2,000 $6.10 $12,200 2,000 $6.10 $12,200
Purchase - August 8 10,000 $5.50 55,000
Subtotal Average Cost 12,000 $5.60 $67,200
Sale -August 14 8,000 $5.60 $44,800
Subtotal Average Cost 4,000 $5.60 $22,400
Purchase - August 18 6,000 $5.00 30,000
Subtotal Average Cost 10,000 $5.24 $52,400
Sale - August25 7,000 $5.24 36,680
Total 18,000 $97,200 15,000 $81,480

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