SavedAltira Corporation provides the following information related to its merchandise inventory during the month of August 2021:HelpSave & ExitSubmitAug.1 Inventory on hand-2,000 units; cost $5.30 each.B Purchased 8,000 units for $5.50 each.14 Sold 6,000 units for $12.00 each.18 Purchased 6,000 units for $5.60 each.25 Sold 7,000 units for $11.00 each.28 Purchased 4,000 units for $5.80 each.31 Inventory on hand-7,000 units.Required:Using calculations based on a periodic înventory 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 flowmethods.ookComplete this question by entering your answers in the tabs below.FIFOLIFOAverage CostDetermine 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 statementmethod. (Round cost per unit to 2 decimal places.)Cost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory - Periodic FIFOCost of GoodsAvailable forSaleFIFOCost perunit# of unitssoldCost perunitCost of GoodsSold# of units inending inventoryCost perunitEndingInventory# of unitsBeginning Inventory2,0005.3010,600245.305.30Purchases:August 88,0005.5044,0005.505.50August 186,0005.6033,6005.606,0005.6033,600August 284,0005,8023.2002.5.805.80Total20,000111,4006,00033,600< Prev9 of 12Next >ntionMacBook Air%24%24%24%24%24%24%24%24

Total units sold = 6000+7000=13000 units Under the FIFO method Goods purchased first…

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Business

Accounting

30 each. tem, determine port in its Augu

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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