acc305_wk_4_e8_13__e8_14__e8_18

Apr 17th, 2015
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Hi there.This document contains A+ work for the course ACC 305.I am sure that this work will not disappoint you.This document will give you the correct answers to the respective questions about the particular course.

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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 LO4Altira 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 costExercise 8-13Cost of goods available for sale:Beginning inventory (2,000 x $6.10)$12,200Purchases:10,000 x $5.50$55,000 6,000 x $5.00 30,000 85,000Cost of goods available (18,000 units)$97,200First-in, first-out (FIFO)Cost of goods available for sale (18,000 units)$97,200Less: Ending inventory (determined below) (15,000) Cost of goods sold $82,200Cost of ending inventory:Date of purchaseUnitsUnit cost Total costAugust 183,000 $5.00$15,000Last-in, first-out (LIFO)Cost of goods available for sale (18,000 units)$97,200Less: Ending inventory (determined below) (17,700) Cost of goods sold $79,500Cost of ending inventory:Date of purchaseUnitsUnit cost Total costBeg. Inv.2,000$6.10$12,200August 81,0005.50 5,500Total$17,700Average costCost of goods available for sale (18,000 units)$9

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