Acc 305 Week 4 Paper

Week 4 Assignment

ACC 305

E8-13
Altira uses a periodic inventory system.
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, last-out (LIFO)

3. Average cost

E8-14
Altira uses a perpetual inventory system.
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. FIFO:

2. LIFO:

3. Average cost

E8-18
1. Steelcase adjusts the LIFO reserve at the end