disbz
Mar 16, 2012, 06:10 PM
Please help!! I have this due tonight!
Required:
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods: (Do not round intermediate calculations and round final answers to the nearest dollar amount. Omit the "$" sign in your response.)
Cost Flow Method Inventory Balance Cost of Goods Sold
1. First-in, first-out (FIFO) $ $
2. Last-in, first-out (LIFO) $ $
3. Average cost $ $
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:
Aug.1 Inventory on hand—2,300 units; cost $7.31 each.
8 Purchased 11,000 units for $5.78 each.
14 Sold 7,800 units for $13.10 each.
18 Purchased 6,400 units for $6.39 each.
25 Sold 8,700 units for $13.07 each.
31 Inventory on hand—3,200 units.
Required:
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods: (Do not round intermediate calculations and round final answers to the nearest dollar amount. Omit the "$" sign in your response.)
Cost Flow Method Inventory Balance Cost of Goods Sold
1. First-in, first-out (FIFO) $ $
2. Last-in, first-out (LIFO) $ $
3. Average cost $ $
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:
Aug.1 Inventory on hand—2,300 units; cost $7.31 each.
8 Purchased 11,000 units for $5.78 each.
14 Sold 7,800 units for $13.10 each.
18 Purchased 6,400 units for $6.39 each.
25 Sold 8,700 units for $13.07 each.
31 Inventory on hand—3,200 units.