Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer according to chart, neatly Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug. 1

please answer according to chart, neatly
image text in transcribed
image text in transcribed
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug. 1 Inventory on hand-2,500 units; cost $6.60 each. 8 Purchased 12,500 units for $6.00 each. 14 Sold 10,000 units for $12.50 each. 18 Purchased 7,500 units for $5.20 each. 25 Sold 9,000 units for $11.50 each. 28 Purchased 4,500 units for $5.80 each. 31 Inventory on hand--8,000 units. red: 19 calculations based on a perpetual inventory system, determine the inventory balance Aitira would report in its August 31, 2021, ce sheet and the cost of goods sold it would report in its August 2021 Income statement using the FIFO method. Cost of Goods Avallable for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance tual FIFO: Cost of #of #of units Goods Cost of #of units Cost per Cost of units Total Cost of Cost per Ending unit Available for sold unit Goods Sold sold unit Goods Sold Goods Sold unit Sale Inventory Inventory nventory 2,500 $0.00 $ 16,500 5 6.60 $ 6.00 5 5 650 $ of units Cost per Cost per in 0 0 0 Just 18 JUN 28 12.500 7.500 4.500 27.000 6.00 5.20 5.80 0 75,000 39.000 25,100 $ 150.000 6.00 5.20 5.80 600 5.20 5.80 6.00 5.20 5.80 0 0 0 5 O 5 ols 0 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting

Authors: Richard E. Baker, Valdean C. Lembke, Thomas E. King

3rd Edition

0070054142, 978-0070054141

More Books

Students also viewed these Accounting questions

Question

Th eir solution was to give me a long-distance number to call.

Answered: 1 week ago