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-3,400 units; cost $7.50 each 8 Purchased 17,000 units for $6.90 each 14 Sold 13,600 units for $13.40 each 18 Purchased 10,200 units for $6.40 each 25 Sold 12,600 units for $12.40 each 28 Purchased 5,400 units for $5.80 each 31 Inventory on hand--9,800 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 Sold -August 25 Cost of Goods Available for Sale Cost of Goods Sold-August 14 Inventory Balance Cost of Perpetual FIFO: #of of units in ending inventory Cost per #of units sold Cost of Goods Sold Total Cost of Cost per unit Cost per unit Goods Available for Cost of Goods Sold Cost per unit Ending Inventory #of units units sold unit Goods Sold Sale 7.50 $ 7.50 $ 2,700 $ 7.50 $ 3,400 7.50 25,500 $ $ Beg. Inventory 20,250 0 0 Purchases: 7,500 wwwr m August 8 117,300 10,200 17,000 6.90 6.90 70,380 6.90 51,750 6.90 0 August 18 6.40 65,280 10,200 6.40 0 6.40 6.40 www..w August 28 0.00 0 0.00 0.00 51,750 $ Total S 208,080 12,900| $ $ 142,380 $ 90,630 7,500 0 30,600 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 hand-3,400 units; cost $7.50 each 8 Purchased 17,000 units for $6.90 each. 14 Sold 13,600 units for $13.40 each. 18 Purchased 10,200 units for $6.40 each. 25 Sold 12,600 units for $12.40 each. 28 Purchased 5,400 units for $5.80 each. 31 Inventory on hand-9,800 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 Inventory Balance Perpetual Average # of units in ending inventory #of units Avg.Cost per unit Cost of Goods Sold Ending inventory Cost per unit Inventory Value Cost per unit #of units sold Beginning Inventory Purchase -August 8 Sale August 14 Purchase -August 18 Sale August 25 Purchase - August 28 Total
