E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, and P9-1.

E 8-13 - Altira Corporation - Inventory cost flow methods; periodic system ? LO1 LO4

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:

Required:

Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods: 1. First-in, first-out (FIFO) 2. Last-in, first-out (LIFO) 3. Average cost

Exercise 8-13

Cost of goods available for sale:

Beginning inventory (2,000 x )12,200

Purchases:

10,000 x 55,000

6,000 x 30,000 85,000

Cost of goods available (18,000...