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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-2,800 units; cost $6.90 each.
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,800 units; cost $6.90 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18 Purchased 8,400 units for $5.80 each. 25 Sold 10,200 units for $11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory on hand-8,600 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 unit # of units Cost of Goods Available for Sale # of units sold Cost per 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 Ending Inventory unit 2,800 $ 6.90 $ 19.320 0 $ 6.90 $ 0 0 $6.90 $ 0 2,800 $ 6.90 $ 19,320 14.000 6.30 6.30 6.30 Beg. Inventory Purchases: August 8 August 18 August 28 Total 6.30 5.80 5.80 0 0 0 8,400 4,800 30,000 88,200 48,720 27,840 184,080 5.80 5.80 5.80 5.80 5.8 0 5.80 0 0 0 1 0 $ 0 $ $ 0 2,800 19,320
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