22 Altira Corporation uses a perpetual inventory system The following transactions affected its merchandise inventory during the month of August 2016 Aug 1 Inventory on hand2,000 units cost $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 hand3,000 units Required Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods (Round Average Cost per Unit to 2 decimal places ) Perpetual FIFO 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 Perpetual LIFO 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 August 25 7,000 $5 24 36,680 Total 18,000 $97,200 15,000 $81,480

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22.Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2016: Aug.1 Inventory on hand2,000 units;

22.Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2016:


Aug.1	Inventory on hand2,000 units; cost $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 hand3,000 units.

Required:

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

Perpetual FIFO:	Cost of Goods Available for Sale			Cost of Goods Sold - August 14			Cost of Goods Sold - August 25			Inventory Balance
Perpetual FIFO:	# 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

Perpetual LIFO:	Cost of Goods Available for Sale			Cost of Goods Sold - August 14			Cost of Goods Sold - August 25			Inventory Balance
Perpetual LIFO:	# 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
Perpetual Average	# 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 - August 25				7,000	$5.24	36,680
Total	18,000		$97,200	15,000		$81,480