Question

22.Altira Corporation uses a perpetual inventory system. Thefollowing transactions affected its merchandise inventory duringthe month of August 2016:

Aug.1	Inventory onhand—2,000 units; cost $6.10 each.
8	Purchased 10,000units for $5.50 each.
14	Sold 8,000 units for$12.00 each.
18	Purchased 6,000units for $5.00 each.
25	Sold 7,000 units for$11.00 each.
31	Inventory onhand—3,000 units.

Required:

Determine the inventory balance Altira would report in itsAugust 31, 2016, balance sheet and the cost of goods sold it wouldreport in its August 2016 income statement using each of thefollowing cost flow methods: (Round "Average Cost per Unit"to 2 decimal places.)

PerpetualFIFO:	Cost of Goods Available for Sale			Cost of Goods Sold - August 14			Cost of Goods Sold - August 25			Inventory Balance
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beg. Inventory	2,000	$6.10	$12,200	2,000	$6.10	$12,200		$6.10	$0		$6.10	$0
Purchases:
August 8	10,000	5.50	55,000		5.50		4,000	5.50	22,000		5.50	0
August 18	6,000	5.00	30,000		5.00	0	3,000	5.00	15,000	3,000	5.00	15,000
Total	18,000		$97,200	2,000		$12,200	7,000		$37,000	3,000		$15,000

PerpetualLIFO:	Cost of Goods Available for Sale			Cost of Goods Sold - August 14			Cost of Goods Sold - August 25			Inventory Balance
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beg. Inventory	2,000	$6.10	$12,200		$6.10	$0		$6.10	$0	2,000	$6.10	$12,200
Purchases:
August 8	10,000	5.50	55,000		5.50		1,000	5.50	5,500	1,000	5.50	5,500
August 18	6,000	5.00	30,000		5.00	0	6,000	5.00	30,000		5.00	0
Total	18,000		$97,200	0		$0	7,000		$35,500	3,000		$17,700

Perpetual Average	Inventory on hand			Cost of Goods Sold			Inventory Balance
	# of units	Cost per unit	Inventory Value	# of units sold	Avg.Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending inventory
Beginning Inventory	2,000	$6.10	$12,200				2,000	$6.10	$12,200
Purchase - August 8	10,000	$5.50	55,000
Subtotal Average Cost							12,000	$5.60	$67,200
Sale -August 14				8,000	$5.60	$44,800
Subtotal Average Cost							4,000	$5.60	$22,400
Purchase - August 18	6,000	$5.00	30,000
Subtotal Average Cost							10,000	$5.24	$52,400
Sale - August25				7,000	$5.24	36,680
Total	18,000		$97,200	15,000		$81,480