Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand—4,800 units; cost $6.70 each. August 8 Purchased 19,200 units for $6.90 each. August 14 Sold 14,400 units for $13.40 each. August 18 Purchased 14,400 units for $7.00 each. August 25 Sold 16,800 units for $12.40 each. August 28 Purchased 9,600 units for $7.20 each. August 31 Inventory on hand—16,800 units. Required: 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 (FIFO, LIFO, Average Cost)
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand—4,800 units; cost $6.70 each. August 8 Purchased 19,200 units for $6.90 each. August 14 Sold 14,400 units for $13.40 each. August 18 Purchased 14,400 units for $7.00 each. August 25 Sold 16,800 units for $12.40 each. August 28 Purchased 9,600 units for $7.20 each. August 31 Inventory on hand—16,800 units. Required: 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 (FIFO, LIFO, Average Cost)
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...
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Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand—4,800 units; cost $6.70 each. August 8 Purchased 19,200 units for $6.90 each. August 14 Sold 14,400 units for $13.40 each. August 18 Purchased 14,400 units for $7.00 each. August 25 Sold 16,800 units for $12.40 each. August 28 Purchased 9,600 units for $7.20 each. August 31 Inventory on hand—16,800 units. Required: 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 (FIFO, LIFO, Average Cost)
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