Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Information Analysis 2e

Authors: Philip ORegan

2nd Edition

0470865725, 978-0470865729

More Books

Students also viewed these Accounting questions

Question

What physical locations do you work in?

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago

Question

What are the factors affecting organisation structure?

Answered: 1 week ago

Question

What are the features of Management?

Answered: 1 week ago

Question

Briefly explain the advantages of 'Management by Objectives'

Answered: 1 week ago

Question

2. Show the trainees how to do it without saying anything.

Answered: 1 week ago