Question

Aug.1	Inventory on hand—2,800 units; cost $6.10 each.
8	Purchased 14,000 units for $6.30 each.
14	Sold 11,200 units for $12.80 each.
18	Purchased 8,400 units for $6.40 each.
25	Sold 10,200 units for $11.80 each.
28	Purchased 4,800 units for $5.80 each.
31	Inventory on hand—8,600 units.

Required:
Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods.

Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.)

Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the 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 # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 2,800 $6.10 $17,080 0 $6.10 $0 x $6.10 Purchases: August 8 14,000 $6.30 88,200 x $6.30 x $6.30 August 18 8,400 $6.40 53,760 8,400 $6.40 53,760 0 $6.40 0 August 28 4,800 $5.80 27,840 4,800 $5.80 27,840 0 Total 30,000 $186,880 13,200 $53,760 0 $0

*IMPORTANT: The x's I placed in the box are the answers I need*

Answer 1

--Requirement asked

LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic LIFO			Ending Inventory - Periodic LIFO
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	2,800	$                                                 6.10	$17,080	0	$             6.10	$0	2,800	$                               6.10	$    17,080.00
Purchases:
Aug-08	14,000	$                                                 6.30	$88,200	8,200	$             6.30	$51,660	5,800	$                               6.30	$    36,540.00
Aug-18	8,400	$                                                 6.40	$53,760	8400	$             6.40	$53,760	0	$                               6.40	$               -
Aug-28	4,800	$                                                 5.80	$27,840	4800	$             5.80	$27,840	0	$                               5.80	$               -
Total	30,000		$186,880	21,400		$133,260	8,600		$53,620