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 FIFO method. (Round "Cost per Unit" to 2 decimal places.)

FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO # 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 2,800 $6.10 $17,080 0 $6.10 $0 Purchases: August 8 14,000 $6.30 88,200 14,000 $6.30 88,200 0 $6.30 0 August 18 8,400 $6.40 53,760 x $6.40 x $6.40 August 28 4,800 $5.80 27,840 0 x $5.80 Total 30,000 $186,880 16,800 $105,280 0 $0

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

Answer 1

--Requirement asked

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# 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	2,800	$             6.10	$17,080	0	$                               6.10	$               -
Purchases:
Aug-08	14,000	$                                                 6.30	$88,200	14,000	$             6.30	$88,200	0	$                               6.30	$               -
Aug-18	8,400	$                                                 6.40	$53,760	4600	$             6.40	$29,440	3,800	$                               6.40	$    24,320.00
Aug-28	4,800	$                                                 5.80	$27,840	0	$             5.80	$0	4,800	$                               5.80	$    27,840.00
Total	30,000		$186,880	21,400		$134,720	8,600		$52,160