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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-3,000 units; cost $7.10 each.
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11,000 units for $12.00 each.. 28 Purchased 5,000 units for $5.80 each. 31 Inventory on hand-9,000 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 Bold-August 14 Cost of Goods Sold August 25 Perpetual LIFO Cost of units per unit Cost of Goods Available for Sale of units sold Cost per unit Cost of Goods Sold Cost of units sold per Cost of Goods Sold unit Total Cost of Goods Sold # of units in ending Inventory Inventory Balance Endin Cost per unit Invente Beg. Inventory $ $ $ 3,000 $ 21,300 $ 0 $ $7.10 7.10 7.10 7.10 Purchases: August 8 15,000 6.50 97,500 6.50 6.50 August 16 9,000 6.00 54,000 6.00 0 6.00 6.50 6.00 August 28 5,000 5.8 29,000 5.80 5.80 5.80 Total 32,000 $ 201,800 0 $ 0 0 $ 0 $ $
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