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What is the Average Cost per unit under Cost of Goods Sold? Required information [The following information applies to the questions displayed below! Altira Corporation
What is the Average Cost per unit under Cost of Goods Sold?
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-3,300 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. W 25 Sold 12,200 units for $12.30 each. 28 Purchased 5,300 units for $5.80 each. 31 Inventory on hand-9,600 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.) Required information Inventory on hand Perpetual Average # of units Cost per 1 unit Inventory Value Cost of Goods Sold # of units Avg.Cost Cost of sold per unit Goods Sold Inventory Balance # of units in Cost per Ending ending inventory Unit inventory 3,300 $ 7.40 $ 24,420 16,500 $ 6.80 $ 112,200 19,800 $ 136,620 $ 24,420 Beginning Inventory Purchase - August 8 3,300 16,500 S $ 7.40 6.80 13,200 Sale - August 14 Purchase - August 18 9,900 $ 6.20 61,380 $ 6.20 12,200 150,060 Sale - August 25 Purchase - August 28 Total 9,900 16,500 6,100 5,300 11,400 $ $ 12.30 5.80 $ $ $ $ $ 61,380 61,380 75,030 30,740 105.770 $ 5.80 5,300 35,000 30,740 228,740 $ $ 150,060
What is the Average Cost per unit under Cost of Goods Sold?
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