Chrome File Edit View History Bookmarks People Window Help イ令58%「- E Tue 1:56:54 AM Nupur Kaur

Chrome File Edit View History Bookmarks People Window Help イ令58%「- E Tue 1:56:54 AM Nupur Kaur Q。Ξ ● N Netflix 4. x E, Forum: Yo × ) Pinterest × Peoria Emx @ Spinbot.c × . Cengage × : Cengage: x D chapter ε × R Facebook x e Accountir x、 Divyot ← ⓘ ezto.mheducation.com/hm.tpx Apps 。▶ Non Stop Bhangr N Netflix O Learn Kirtan : Deh s...-online books Course: F 17 Planeta-.. Cengage NOWV2 | A...。(1) Old Bollywood s.. Other Bookmarks Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 is available Aug.1 Inventory on hand-10,000 units; cost $8.00 each. 8 Purchased 26,000 units for $7.10 each. 14 Sold 19,000 units for $13.60 each. 18 Purchased 14,000 units for $6.60 each. 25 Sold 18,000 units for $12.60 each. 31 Inventory on hand-13,000 units. Required: 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 Avcrage Cost per Unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold -Periodic FIFO Ending Inventory-Periodic FIFO Cost of Goods | # of units # of units | Cost per FIFO Cost ofin ending Cost per Available for sold Salc cost per # of units per unit Ending Inventory unit Goods Sold unit Beginning Inventory Purchases: August 8 August 18 Total 39 12

Chrome File Edit View History Bookmarks People Window Help イ令58%「- E Tue 1:56:54 AM Nupur Kaur Q。Ξ ● N Netflix 4. x E, Forum: Yo × ) Pinterest × Peoria Emx @ Spinbot.c × . Cengage × : Cengage: x D chapter ε × R Facebook x e Accountir x、 Divyot ← ⓘ ezto.mheducation.com/hm.tpx Apps 。▶ Non Stop Bhangr N Netflix O Learn Kirtan : Deh s…-online books Course: F 17 Planeta-.. Cengage NOWV2 | A…。(1) Old Bollywood s.. Other Bookmarks Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 is available Aug.1 Inventory on hand-10,000 units; cost $8.00 each. 8 Purchased 26,000 units for $7.10 each. 14 Sold 19,000 units for $13.60 each. 18 Purchased 14,000 units for $6.60 each. 25 Sold 18,000 units for $12.60 each. 31 Inventory on hand-13,000 units. Required: 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 “Avcrage Cost per Unit” to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold -Periodic FIFO Ending Inventory-Periodic FIFO Cost of Goods | # of units # of units | Cost per FIFO Cost ofin ending Cost per Available for sold Salc cost per # of units per unit Ending Inventory unit Goods Sold unit Beginning Inventory Purchases: August 8 August 18 Total 39 12

Expert Answer

 

Explaination:

1) FIFO:- Old Inventory will be supplied first and hence for each Sale, the cost of Earlier Received Stock is considered

2) LIFO:- Newly Inventory will be supplied first hence for each Sale, the Cost of Last Received Stock is considered

3) Average Cost:- Average Inventory received till date is Summed Up and Per Unit Cost is found as per Picture Attached and is to be considred for each Sale.

So like wise we will have Solution as Under:-

1) Balance Sheet Efect:-

Inventory Balance

FIFO-

$         85,800.00

LIFO-

$       101,300.00

Average Cost-

$         92,820.00

2) Income Statement Effect:-

Cost of Goods Sold:-

FIFO:-

$           271,200.00

LIFO:-

$           255,700.00

Average Cost:-

$           268,170.00
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