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-3,700 units cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14, 800 units for $13.70 each. 18 Purchased 11, 100 units for $6.40 each. 25 Sold 13, 800 units for $12.70 each. 31 Inventory on hand 1.700 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 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FEO: Cost of Goods Available for Sale Cost of #of Cost per Goods units unit Available for Sale of Cost per unit Cost of Goods Sold of units sold Cost per Cost of # of units unit Goods Sold in ending Inventory $ 0.00 $ of Cost per unit Ending Inventory sold Beg Inventory $ 0.00 $ 0.00 $ 0 Purchases August 8 August 18 0.00 0.001 500 $ 0.00 0.00 0 0.00 0.00 0S 00S 0 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-3,700 units; cost $7.00 each. Purchased 18,500 units for $7.20 each. 14 Sold 14, 800 units for $13.70 each. 18 Purchased 11, 100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 31 Inventory on hand 4,700 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 # of Cost per Goods units unit Available for # of units sold Cost per unit Cost of Goods Sold of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per Ending Inventory Sale Beg Inventory $ 0.00 $ $ 0.00 $ op $ 0.00 Purchases August B 0.00 0.00 0.00 of 0.00 S 00S0S00 0.00 0.00 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-3,700 units; cost $7.80 each. Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13, 800 units for $12.70 each. 31 Inventory on hand-,700 units. 3. 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 Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average Cost per unit Inventory V alue of units Avg.Cost sold per unit Cost of Goods Sold of units in ending inventory Cost per unit Ending inventory 7,400 Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Total 4,700 S 00S0
