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Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug.1 Inventory on hand2,000 units;
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018:
Aug.1 | Inventory on hand2,000 units; cost $6.10 each. |
8 | Purchased 10,000 units for $5.50 each. |
14 | Sold 8,000 units for $12.00 each. |
18 | Purchased 6,000 units for $5.00 each. |
25 | Sold 7,000 units for $11.00 each. |
31 | Inventory on hand3,000 units. |
3. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the Average cost methods. (Round "Average Cost per Unit" to 2 decimal places.)
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