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Altira Corporation uses a periodic inventory system

Altira Corporation uses a periodic inventory system
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ACCOUNTING

Exercise 8-12 (E8-12) Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2009 is available:

Aug. 1. Inventory on hand---- 200 units; cost at $6.10 each.
8. Purchased 10,000 units for $5.50 each.
14. Sold 8,000 units for $12.00 each.
18. Purchased 6,000 units for $5.00 each.
25. Sold 7,000 units for $11.00 each.
31. Inventory on hand---- 3,000 units.

Required:
Determine the inventory balance Altira would report in its August 31, 2009, balance sheet and cost of goods sold it would report in its August 2009 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.

 

FILE: MS WORD

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