Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The missing numbers for COGS Chrome File Edit View History Bookmarks People Tab Window Help 4 8 7 100%% 27 Tue 5:24 PM Q ..

The missing numbers for COGS

image text in transcribed
Chrome File Edit View History Bookmarks People Tab Window Help 4 8 7 100%% 27 Tue 5:24 PM Q .. . Chapter 8 X My Dashboard | myBinghamtor x Bb Forum: Discussion Board - Sun x + C newconnect.mheducation.com/flow/connect.html O Chapter 8 i Saved Help Save & Exit Submit Check my work 6 ug. 1 Inventory on hand-3,200 units; cost $7.30 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12, 800 units for $13.20 each. 10 18 Purchased 9,600 units for $6.20 each. points 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9, 400 units. eBook Hint ng calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, ance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO). Print References Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance rpetual LIFO: Cost # of units per Cost of Goods # of units Cost Cost of # of units Cost # of units in per Cost of Total Cost of ending Cost per Ending unit Available for Sale sold per unit Goods Sold sold unit Goods Sold Goods Sold inventory unit Inventory g. Inventory 3,200 $ 7.30 $ 23,360 0 $ 7.30 $ 0 o $7.30 $ 0 3,200 $ 7.30 $ 23,360 rchases: August 8 16,000 6.70 107,200 12,800 6.70 85,760 6.70 5.70 August 18 ,600 6.20 59,520 6.20 6.20 0 6.20 August 28 5,200 5.8 30, 160 0 5.8 0 o 5.80 5,200 5.80 30, 160 tal 34.000 $ 220,240 2.800 $ 85,760 0 $ o $ 85,760 3.400 $ 53,520 Mc Graw Hill JUN 1 16 S WE

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Risk-Based Internal Audit

Authors: Jason Lee Mefford

1st Edition

1631922629, 9781631922626

More Books

Students also viewed these Accounting questions

Question

How does a padded cell system differ from a honey pot?

Answered: 1 week ago