Question

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 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.

Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 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 10,000 $8.00 $80,000 10,000 $8.00 $80,000 ! $8.00 $0 Purchases: August 8 26,000 $7.10 184,600 26,000 $7.10 184,600 ! $7.10 0 August 18 14,000 $6.60 92,400 ! $6.60 ! $6.60 Total 50,000 $357,000 36,000 $264,600 0 $0

HINT: The boxes with the "!" are the ones that need to be filled in

Answer 1

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