Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer this using perpetual costing system for LIFO! I will give thumbs up for correct answer! Thank you! Altira Corporation provides the following information
Please answer this using perpetual costing system for LIFO! I will give thumbs up for correct answer! Thank you!
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Inventory on hand-2,700 units; cost $6.80 each. 8 Purchased 13,500 units for $6.20 each. 14 Sold 10,800 units for $12.70 each. 18 Purchased 8, 100 units for $5.60 each. 25 Sold 9,800 units for $11.70 each. 28 Purchased 4,700 units for $5.80 each. 31 Inventory on hand-8,400 units. 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). Inventory Balance Cost Cost of Goods Sold - August 25 # of Total Cost Cost of Cost of units per Goods Goods sold unit Sold | Sold # of units in ending inventory Cost per unit Ending Inventory Cost of Goods Available for Cost of Goods Sold - Sale August 14 Perpetual Cost of Cost Cost of LIFO: # of Goods units units per per Goods Available for sold unit unit Sold Sale Beg. Inventory Purchases: August 8 August 18 August 28 TotalStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started