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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-3,628 units; cost $7.70 each.
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,628 units; cost $7.70 each. 8 Purchased 18,eee units for $7.10 each. 14 Sold 14,4ee units for $13.60 each. 18 Purchased 10,8ee units for $6.60 each. $. 25 Sold 13,400 units for $12.60 each. 28 Purchased 5,600 units for $5.88 each. 31 Inventory on hand-19,200 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021. balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO). % Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 3.600 s 7.70 IS 27.720 s 7.70 S 0 s 7.70 IS 0 0 3.600$ 7.70 s $ 27.720 Beg Inventory Purchases: August 8 August 18 August 28 Total 6,600 X 7.10 8.60 80.940 13.200 48.860 0 0 0 18.000 10.800 5,600 38,000 127.800 71,280 32,480 259,280 0 X 7.10 8.800 X 6.60 5600 X 5.80 8,800 11,400 X 7.10 2,000 X 6.60 5.80 13,400 7.10 8.60 5.80 58.080 32,480 58,080 5.8 0X 10,200 $ S $ 94.140 $ 152.220 $ 74.580
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