Part 1 of 2 Required information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system (LO8-1, 8-4] [The following information applies to the questions displayed below.] 2.27 points Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: eBook Hint Aug.1 Inventory on hand3,600 units; cost $7.70 each. 8 Purchased 18,000 units for $7.10 each. 14 SO 14,400 units or $13.60 e ch. 18 Purchased 10,800 units for $6.60 each. 25 Sold 13, 400 units for $12.60 each. 28 Purchased 5,600 units for $5.80 each. 31 Inventory on hand10,200 units. Print References Exercise 8-14 (Algo) Part 1 Required: 1. 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 the FIFO method. t Required: 1. 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 the FIFO method. nt Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance 3 Perpetual FIFO: Cost per Cost per Cost per Cost per # of units Cost of Goods Available for Sale # of units sold Cost of # of units Goods Sold sold Cost of Goods Sold Total Cost of Goods Sold unit inces unit # of units in inventory unit Ending Inventory unit 3,600 $ 7.70 $ 27,720 0 $ 7.70 $ 7.70 $ 0 $ 7.70 $ 0 Beg. Inventory Purchases: 7.10 14,800 7.10 105,080 7.10 7.10 0 127,800 71,280 6.60 0 6.60 0 6.60 6.60 August 8 August 18 August 28 Total 18,000 10,800 5,600 38,000 5.80 32,480 5.80 0 5.80 5.80 $ 259,280 14,800 $ 105,080 0 $ 0 $ 105,080 0 $ 0 t 2 of 2 Exercise 8-14 (Algo) Part 2 7 2. 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 the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) ats Skipped Inventory on hand Cost of Goods Sold Inventory Balance eBook Perpetual Average Cost per Inventory Value # of units # of units Avg.Cost sold Cost of Goods Sold Cost per # of units in inventory Ending inventory unit per unit unit Hint Print Beginning Inventory Purchase - August 8 eferences 0 $ o Sale - August 14 Purchase - August 18 0 $ O Sale - August 25 Purchase - August 28 Total 0 $ 0 $ 0 0 $ 0
