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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,100 units; cost $7.20 each.
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,100 units; cost $7.20 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $5.80 each. 25 Sold 11,400 units for $12.10 each. 28 Purchased 5,100 units for $5.80 each. 31 Inventory on hand-9,200 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Cost per # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost Cost of per unit Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory unit Ending Inventory 3,100 $ 7.20 $ 22,320 0 $ 7.20 $ 0 $ 7.20 $ 0 $ 7.20 12,400 81.840 75,240 6.60 Beg. Inventory Purchases: August 8 August 18 August 28 Total 6.60 5.80 6.60 5.80 11,400 12,400 6.60 5.80 0 0 71,920 0 15,500 9,300 5,100 33,000 102,300 53,940 29.580 208,140 5.80 5.80 5.8 0 5.80 5.80 0 81,840 0 23,800 $ 12,400 $ $ 147,160 $ 229,000 0 $ 0
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