Access over 20 million homework & study documents

acc305_wk_4_e8_13__e8_14__e8_18

Content type
User Generated
Type
Study Guide
Rating
Showing Page:
1/16

 !"#$%%"&'('(


!
"#$$
%
&'$(')&*&+,-'$(')-*&+,#
Exercise 8-13
Cost of goods available for sale:
.)$/01, 0$
2
$/033 033$
1$/03 #$ 43$
)4$, 056$
)%%*+,))(-
)4$, 056$
-7), )3$,
Cost of goods sold 04$
Cost of ending inventory:
./
+# 0% 0% 1
4 #$ 03 03$

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/16
'%*+,')(-
)4$, 056$
-7), )6$6,
Cost of goods sold 065$3
Cost of ending inventory:
./
+# 0% 0% 1
.* $ 01 0$
4 $ 33 3$3
 06$6
2
)4$, 056$
-7), )1$,
 Cost of goods sold 04$3
Cost of ending inventory:
056$
8'9

903:
4$

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/16

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 16 pages?
Access Now
Unformatted Attachment Preview
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 $6.10) $12,200 Purchases: 10,000 x $5.50 $55,000 6,000 x $5.00 30,000 85,000 Cost of goods available (18,000 units) $97,200 First-in, first-out (FIFO) Cost of goods available for sale (18,000 units) $97,200 Less: Ending inventory (determined below) (15,000) Cost of goods sold $82,200 Cost of ending inventory: Date of purchase Units Unit cost Total cost August 18 3,000 $5.00 $15,000 Last-in, first-out (LIFO) Cost of goods available for sale (18,000 units) $97,200 Less: Ending inventory (determined below) (17,700) Cost of goods sold $79,500 Cost of ending inventory: Date of purchase Units Unit cost Total cost Beg. Inv. 2,000 $6.10 $12,200 August 8 1,000 5.50 5,500 Total $17,700 Average cost Cost of goods available for sale (18,000 units) $9 ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Just what I was looking for! Super helpful.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Documents