Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Required 1 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 the FIFO method Aug 1 Inventory on hand3,500 units cost $7 60 each 8 Purchased 17,500 units for $7 00 each 14 Sold 14,000 units for $13 50 each 18 Purchased 10,500 units for $6 80 each 25 Sold 13,000 units for $12 50 each 28 Purchased 5,500 units for $5 80 each 31 Inventory on hand10,000 units Required 1 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 the FIFO method Required 1 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 the FIFO method

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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Required: 1. Using calculations based on a perpetual

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:

Required: 1. 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 the FIFO method. image text in transcribed


Aug.1	Inventory on hand3,500 units; cost $7.60 each.
8	Purchased 17,500 units for $7.00 each.
14	Sold 14,000 units for $13.50 each.
18	Purchased 10,500 units for $6.80 each.
25	Sold 13,000 units for $12.50 each.
28	Purchased 5,500 units for $5.80 each.
31	Inventory on hand10,000 units.

Required: 1. 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 the FIFO method. Required: 1. 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 the FIFO method