Check my work 15 Exercise 8-15 (Algo) LIFO: perpetual system (LO8-1, 8-4) 1 points Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021; Skipped BOOM Aug. 1 Inventory on hand-3,500 units; cost $7.60 each. 8 Purchased 17,500 units for $7.00 each. 14 Sold 14,000 units for $13.50 each. 18 Purchased 10,500 units for $6.80 each. 25 Sold 13,000 units for 512.50 each. 28 Purchased 5,500 units for $5.80 each. 31 Inventory on hand-10,000 units. Hint Print References 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) Perpetual LIFO: Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Cost Cost of Goods Cost #of units # of units Cost of Goods Cost #of units per Cost of per Available for Sale unit sold unit Sold sold unit Goods Sold 3.500 $ $ 26,600 $ $ $ 7.60 $ 7.60 7,60 per Total COI of Good Sold 0 0 Beg, Inventory Purchases: AR 17 kon 700 122 700 70 Mc HARI Graw Check my work 15 25 Sold 13,000 units for $12.50 each. 28 Purchased 5,500 units for $5.80 each. 31 Inventory on hand-18,000 units. 1 points 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) Skipped Book Perpetual Cost of Goods Available for Sale Cost # of units Cost of Goods per unit Available for Sale Cost of Goods Sold - August 14 # of units Cost Cost of Goods sold per unit Sold LEO Cost of Goods Sold - August 25 # of units Cost Cost of sold per Goods Sold unit 5 $ 7.60 0 Total Col of Good Sold Print References 3.500 $ 7.60 $ 26.600 $ 7.60 0 $ Beg, Inventory Purchases August 8 August 18 August 28 17.500 10.500 5,500 37,000 7.00 6.80 5.8 0 122.500 71.400 31,900 252.400 7.00 6.80 5.80 7.00 6.80 5.80 0 Total $ 0 $ 0 0 $ 0 $ Mc Grow Hill Check my work 15 25 Sold 13,000 units for $12.50 each. 28 Purchased 5,500 units for $5.80 each. 31 Inventory on hand-10,000 units. 1 points 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). Skipped Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Book Perpetual LIFO: Hint # of units Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit $ 7,60 Cost of Goods Sold Cost per unit $ 7,60 Total Co! of Good Sold References 3.500 20.600 $ 7.60 0 Beg. Inventory Purchases August 8 August 18 August 28 Total 17.500 10.500 5,500 37,000 7.00 6,80 5.8 0 122,500 71.400 31.900 252,400 7.00 6.80 5.80 7.00 6.80 5.80 0 0 $ 0 5 0 $ 0 $ ME Graw MI 1 points the inventory balance Altira would report in its August ts August 2021 income statement using last-in, first-out Skipped - August 14 Inventory Balance eBook Cost of Goods Sold - August 25 #of units Cost Cost of per unit Goods Sold Hint ost of Goods Sold sold Total Cost of Goods Sold # of units in ending Cost Ending inventory per unit Inventory Print References $ 0 $ 7.60 $ 0 $ 7.60 7.00 0 7.00 6,80 5.80 0 6.80 5.80 0 0 0 $ O $ 0 Mc Graw Hill
