Altira Corporation provides the following Information related to Its merchandise Inventory during the month of August 2021:Aug.1 Inventory on hand-3,100 units; cost $6.40 each.8 Purchased 15,500 units for $6.60 each.14 Sold 12,400 units for $13.10 each.18 Purchased 9,300 units for $6.70 each.25 Sold 11,400 units for $12.10 each.28 Purchased 5,100 units for $5.80 each.31 Inventory on hand-9, 200 units.Requlred:Using calculations based on a perlodic 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 flowmethods.Complete 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 statement using the FIFOmethod. (Round "Cost per Unit" to 2 decimal places.)Cost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory - Periodic FIFOFIFOCost of GoodsAvailable for Sale# of units in endinginventoryCost of GoodsCostper unitCostper unitEndingper unit InventoryCost# of units# of units soldSold$6.40 s$ 6.40 $Beginning InventoryPurchases:3,100$ 6.40 S19,8402,50016,000$ 6.60$ 6.60S 6.70August 815,500$ 6.60102,3007,50049,500$ 6.709,300 $ 6.70$ 5.80August 1862,310August 285,10029,580S 5.80Total33,000214,03010,00065,500< FIFOLIFO >

The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Cost of…

Altira Corporation provides the following Information related to Its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3,100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,4ee units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 sold 11,40e units for $12.10 each. 28 Purchased 5,100 units for $5.se each. 31 Inventory on hand-9, 200 units. Requlred: Using calculations based on a perlodic 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 followlng cost flow methods. Complete this question by entering your answers in the tabs below.

Altira Corporation provides the following Information related to Its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3,100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,4ee units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 sold 11,40e units for $12.10 each. 28 Purchased 5,100 units for $5.se each. 31 Inventory on hand-9, 200 units. Requlred: Using calculations based on a perlodic 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 followlng cost flow methods. Complete this question by entering your answers in the tabs below.

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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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
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