$9.$ Required information

Skip to question

$[$The following information applies to the questions displayed below.$]$

Altira Corporation provides the following information related to its inventory during the month of August $2024$:

August $1$ Inventory on hand$4,000$ units; cost $$8\mathrm{.}10$ each.

August $8$ Purchased $20,000$ units for $$7\mathrm{.}50$ each.

August $14$ Sold $16,000$ units for $$14\mathrm{.}00$ each.

August $18$ Purchased $12,000$ units for $$7\mathrm{.}00$ each.

August $25$ Sold $15,000$ units for $$13\mathrm{.}00$ each.

August $28$ Purchased $6,000$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$11,000$ units.

$2.$ Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August $31,2024,$ balance sheet and the cost of goods sold it would report in its August $2024$ income statement using the Average cost method.

Note: Round "Average Cost per Unit" to $2$ decimal places.Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August $31,2024,$ balance sheet and the cost of goods sold it would report in its August $2024$ income statement using the Average cost method. Note: Round "Average Cost per Unit" to $2$ decimal places.

$\backslash$table$[[\backslash$table$[[$Perpetual Average$],[$Beginning Inventory$]],$Inventory on hand,Cost of Goods Sold,Inventory Balance$],[\backslash$table$[[\backslash$table$[[$Number$],[$of units$]]],[4,000]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Inventory$],[$Value$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Average$],[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[\backslash$table$[[$Number of$],[$units in$],[$inventory$]]],[4,000]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$inventory$]]],[$Purchase $-$ August $8,20,000,$$$,7\mathrm{.}50,,150,000,,,,20,400,$$$,7\mathrm{.}50,$$$,153,000],[,,,,,,,,24,400,,,$$$,185,400],[$Purchase $-$ August $18,,,,,,,,,28,800,,,$$$,142,800],[$Sale $-$ August $25,,,,,,15,000,,,13,800,,,,],[$Purchase $-$ August $28,6,000,$$$,5\mathrm{.}80,,34,800,,,,19,800,$$$,5\mathrm{.}80,$$$,114,840],[$Total$,42,000,,,$$$,301,200,,,0,33,600,,,$$$,114,840]]$