Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018 A. 1 Tovestory on Band - 2.200 units, cost $6.30 each 8 Parchased 11,000 units for 55.70 each 14 Sold 8.800 units for $12.30 each 18. Purchased 600 unit for $5.20 each 25 Sold 7.800 wts for $11.20 each 31 Inventory on hand 3.200 units Required: 1. 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 FIFO method (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Sold August 25 Inventory Balance Perpetual FIFO Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of #of of Goods Cost per Cost of units unit units Available for sold unit Goods Sold Sale Cost per of units Cost per sold unit Cost of Goods Sold of units in ending inventory Cost per unit Ending Inventory Beg Inventory Purchases August August 18 Total Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aut. I hventory on hand 2,200 units cost 56.30 each B Purchased 11.000 units for $5.70 each 14 Sold 8,800 units for $12,20 each 18 Purchased 6,600 units for $5.20 each 25 Sold 7,800 units for $11. 20 each 31 Inventory on hand 3,200 units 2. 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 LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO Cost of Goods Available for Sale Cost of For Cost per Goods units unit Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold #of units in ending Inventory Cost per unit Ending Inventory Beg. Inventory Purchases: August August 18 Total Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug. 1 Inventory on hand-2,200 units: cost $6.30 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8.800 units for $12. 20 each. 18 Purchased 6,600 units for $5.20 each 25 Sold 7,800 units for $11.20 each. 31 Inventory on hand-3,200 units. 3. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would repo In its August 2018 income statement using the Average cost method (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per Inventory Value # of units Inventory Balance #of units in Cost per ending Ending unit inventory inventory # of units Avg. Cost sold per unit Cost of Goods Sold unit 4,400 Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Total 3.200
