Required information

Skip to question

[The following information applies to the questions displayed below.]

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:

Aug.1	Inventory on hand3,300 units; cost $7.40 each.
8	Purchased 16,500 units for $6.80 each.
14	Sold 13,200 units for $13.30 each.
18	Purchased 9,900 units for $6.20 each.
25	Sold 12,200 units for $12.30 each.
28	Purchased 5,300 units for $5.80 each.
31	Inventory on hand9,600 units.

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.)

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.) Inventory Balance Perpetual Average Inventory on hand Cost of Goods Sold # of units Cost per Inventory # of units Avg.Cost Cost of unit Value sold per unit Goods Sold # of units in Cost per inventory unit Ending inventory Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total