# (Solved): Chrome File Edit View History Bookmarks People Window Help イ令58%「- E Tue 1:56:54 AM Nupur Kaur

Chrome File Edit View History Bookmarks People Window Help イ令58%「- E Tue 1:56:54 AM Nupur Kaur Q。Ξ ● N Netflix 4. x E, Forum: Yo × ) Pinterest × Peoria Emx @ Spinbot.c × . Cengage × : Cengage: x D chapter ε × R Facebook x e Accountir x、 Divyot ← ⓘ ezto.mheducation.com/hm.tpx Apps 。▶ Non Stop Bhangr N Netflix O Learn Kirtan : Deh s…-online books Course: F 17 Planeta-.. Cengage NOWV2 | A…。(1) Old Bollywood s.. Other Bookmarks Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 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. Required: Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round “Avcrage Cost per Unit” to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold -Periodic FIFO Ending Inventory-Periodic FIFO Cost of Goods | # of units # of units | Cost per FIFO Cost ofin ending Cost per Available for sold Salc cost per # of units per unit Ending Inventory unit Goods Sold unit Beginning Inventory Purchases: August 8 August 18 Total 39 12

Explaination:

1) FIFO:- Old Inventory will be supplied first and hence for each Sale, the cost of Earlier Received Stock is considered

2) LIFO:- Newly Inventory will be supplied first hence for each Sale, the Cost of Last Received Stock is considered

3) Average Cost:- Average Inventory received till date is Summed Up and Per Unit Cost is found as per Picture Attached and is to be considred for each Sale.

So like wise we will have Solution as Under:-

1) Balance Sheet Efect:-

Inventory Balance

FIFO-

\$         85,800.00

LIFO-

\$       101,300.00

Average Cost-

\$         92,820.00

2) Income Statement Effect:-

Cost of Goods Sold:-

FIFO:-

\$           271,200.00

LIFO:-

\$           255,700.00

Average Cost:-

 \$           268,170.00
Order NOW for a 10% Discount
Pages (550 words)
Approximate price: -

Why Us?

Top Quality and Well-Researched Papers

All ourbpapers are written from scratch. In fact, Clients who ask for paraphrasing services are highly discouraged. We have writers ready to craft any paper from scratch and deliver quality ahead of time.

Our writers keeps you posted on your papers progress - providing you with paper outline/draft. You are also at liberty to communicate directly with your writer.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time, in many cases quite ahead of time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

## Calculate the price of your order

Total price:
\$0.00

How it works?

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

## Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.