Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. august 1 inventory on hand-2,700 units; cost $6.80

August 1 Inventory on hand-2,700 units; cost $6.80 each. August 8 Purchased 13,500...

50.1K

Verified Solution

Question

Accounting

August 1 Inventory on hand-2,700 units; cost $6.80 each.
August 8 Purchased 13,500 units for $6.20 each.
August 14 Sold 10,800 units for $12.70 each.
August 18 Purchased 8,100 units for $5.60 each.
August 25 Sold 9,800 units for $11.70 each.
August 28 Purchased 4,700 units for $5.80 each.
August 31 Inventory on hand-8,400 units.
Exercise 8-14(Algo) Part 2
2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31,2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places.
\table[[Perpetual Average,Inventory on hand,Cost of Goods Sold,Inventory Balance],[\table[[Number],[of units]],\table[[Cost per],[unit]],\table[[Inventory],[Value]],\table[[Number],[of units],[sold]],\table[[Average],[Cost per],[unit]],\table[[Cost of],[Goods Sold]],\table[[Number of],[units in],[inventory]],\table[[Cost per],[unit]],],[Beginning Inventory],[Purchase - August 8,,,,,,,,,],[,,,,,,0,,$
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

To see if basketball players improve or get worse as they age we take a random...

General Management
1.2K views

What motivates you in the workplace? List 2-4 various factors that motivate you the most in...

Biology
1.2K views

The United States began as a group of 13 colonies under the rule of which...

Biology
1.2K views

Dr Purple however is intrigued with the notion that the only way to really study...

Physics
1.2K views

Question Number 46 Question Id 9046847150 Question Type MCQ Option Shuffling Yes Is Question Mandatory...

Physics
1.2K views

1 At what height from the surface of earth the gravitation potential and the value...

Geometry
1.2K views

Alton had 725 for Medicare 3000 for state income tax and 3100 for Social Security...

Calculus
1.2K views

Brenda cuts her grass every 8 days and trims her shrubs every 36 days If...

Calculus
1.2K views

Find the standard form of the equation of the parabola with the given graph 6...

Accounting
1.2K views

on april 1st, an automobile manufacturer had no beginning inventories. it purchased 8,400 batteries at...

Accounting
1.2K views

A company separately sells home security equipment and 12 months of system monitoring service for...

Accounting
1.2K views

at the break-even point 2,000 units variable costs are $165,000, and fixed costs are $96,000....