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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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