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-2,600 units; cost $6.70 each. 8 Purchased 13,000 units for $6.10 each. 14 Sold 10,400 units for $12.60 each. 18 Purchased 7,800 units for $5.60 each. 25 Sold 9,400 units for $11.60 each. 28 Purchased 4,600 units for $5.80 each. 31 Inventory on hand-8,200 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.) Perpetual Average Inventory on hand Cost # of Inventory units per Value unit Beginning Inventory Purchase - August 8 2,600 13,000 $ 6.70 $ 17,420 $ 6.10 79,300 Answer is complete but not entirely correct. Cost of Goods Sold Inventory Balance # of Avg.Cost Cost of Cost # of units Ending units Goods in per sold per unit Inventory Sold inventory unit 2,600 $ 6.70 $ 17,420 1,000 $ 6.10 $ 6,100 3,600 $ 23,520 10,400$ 12.60 $ 131,040 5,200 $ 12.60 $ 65,520 13,000 $ 5,60 $ 72,800 18,200 $ 138,320 9,400S 11.60 109,040 8,800 $ 11.60 $ 102,080 13,400 S 5.80 $ 77.720 S 240,000 22,200 $ 179,800 >> Sale - August 14 Purchase - August 18 7.800 $ 5.60 43,680 Sale - August 25 Purchase - August 28 Total 4,600 $ 5.80 28,000 26,680 $ 167,080 Aug.1 Inventory on hand-2,680 units; cost 56.70 each. 8 Purchased 13,000 units for $6.10 each. 14 Sold 10,400 units for $12.60 each. 18 Purchased 7,800 units for $5.60 each. 25 Sold 9,400 units for $11.60 each. 28 Purchased 4.600 units for $5.80 each. 31 Inventory on hand-8,200 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 Sold. August 14 Inventory Balance Answer is not complete Cost of Goods Sold - August 25 # of Cost Cost of Goods per unit sold Sold Cost of Goods Available for Sale Cost Cost of of Goods per units unit Available for Sale 2,600 56.70 $ 17.420 Perpetual FIFO # of units Cost per unit Cost of Goods Total Cost of Goods Sold sold of units in Inventory Cost per unit Sold E Ins 2.600 $ 6.70 $ 17,420 0 $ 6.70 $ 0 $ 670 $ Beg Inventory Purchases August August 18 August 20 Total 13,000 4,200 6.10 13,000 7,800 4,600 28.000 6.10 5.60 5.80 79,300 43,880 26.680 $ 167.00 6.10 5.60 5.80 79,300 23.520 0 $ 120,240 OX 3.600 3.600 6.10 5.60 5.80 3.600 20,160 20,880 $41.040 5.60 5.80 19.800 7.200 $ 161 280 3.500 S
