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Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month
Required information [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 hand-3,900 units; cost $8.00 each. 8 Purchased 19,500 units for $7.40 each. 14 Sold 15,600 units for $13.90 each. 18 Purchased 11,700 units for $6.60 each. 25 Sold 14,600 units for $12.90 each. 28 Purchased 5,900 units for $5.80 each. 31 Inventory on hand-10,800 units. 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. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: # of units Cost per unit Cost of Goods Available for Sale $ 31,200 # of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold Cost per # of units in ending inventory Ending Inventory unit 3,900 $ 8.00 15,600 $ 8.00 $ 124,800 14,600 $ 8.00 $ 116,800 $ 8.00 $ 7.40 7.40 Beg. Inventory Purchases: August 8 August 18 August 28 Total 19,500 11,700 5,900 41,000 7.40 6.60 5.80 0 144,300 77,220 34,220 286,940 6.60 5.80 7.40 6.60 5.80 6.60 5.80 $ 15,600 $ 124,800 14,600 $ 116,800 $ 241,600 $ Required information [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 hand3,900 units; cost $8.00 each. 8 Purchased 19,500 units for $7.40 each. 14 Sold 15,600 units for $13.90 each. 18 Purchased 11,700 units for $6.60 each. 25 Sold 14,600 units for $12.90 each. 28 Purchased 5,900 units for $5.80 each. 31 Inventory on hand-10,800 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.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per unit # of units Inventory Value # of units Avg. Cost sold per unit Inventory Balance # of units in Ending ending unit inventory inventory Cost of Goods Sold Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 $ Sale - August 25 Purchase - August 28 Total 0 $ 0 $ 0 $ 0 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand2,800 units; cost $6.10 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11, 200 units for $12.80 each. 18 Purchased 8,400 units for $6.40 each. 25 Sold 10, 200 units for $11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory on hand-8,600 units. Required: Using calculations based on a periodic 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 LIFO cost flow method. Complete this question by entering your answers in the tabs below. LIFO 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 LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale LIFO Cost per unit # of units Cost of Goods Sold - Periodic LIFO Cost # of units sold ost of Goode Cost of Goods per unit Sold Cost of Goods Available for Sale Ending Inventory - Periodic LIFO # of units in Cost ending Ending per unit inventory Inventory $ 0.00 $ 0.00 $ 0 Beginning Inventory Purchases: August 8 August 18 August 28 Total $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 0 $ 0 0 $ 0 0 $ 0 LIFO next
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