Reference no: EM133134356
Question - Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Aug. 1 Inventory on hand-3, 400 units; cost $6.70 each.
Aug. 8 Purchased 17,000 units for $6.90 each.
Aug. 14 Sold 13,600 units for $13.40 each.
Aug. 18 Purchased 10,200 units for $7.00 each.
Aug. 25 Sold 12, 600 units for $12.40 each.
Aug. 28 Purchased 5, 400 units for $5.80 each.
Aug. 31 Inventory on hand-9, 800 units.
Required - Using calculations based on a periodic 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 flow methods.
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