50.1K

Verified Solution

Link Copied!

Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,400 units; cost $7.50 each. August 8 Purchased 17,000 units for $6.90 each. August 14 Sold 13,600 units for $13.40 each. August 18 Purchased 10, 200 units for $6.40 each. August 25 Sold 12,600 units for $12.40 each. August 28 Purchased 5,400 units for $5.80 each. August 31 Inventory on hand-9,800 units. Required: . 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 FIFO method. Perpetual FIFO: Total Beginning Inventory Purchases August 8 August 18 August 28 Cost of Goods Available for Sale Cost of Goods Available for Sale $ 25,500 Number of Cost per units unit 3,400 $ 7.50 17,000 10,200 5,400 36,000 6.90 6.40 5.80 117,300 65,280 31,320 $ 239,400 Cost of Goods Sold - August 14 Number of units sold 0 Cost per unit $ 7.50 6.90 6.40 5.80 Cost of Goods Sold 69 $ 0 120 Cost of Goods Sold - August 25 Number of units sold 10 Cost per unit $ 7.50 6.90 6.40 5.80 Cost of Goods Sold $ LA $ 0 Total Cost of Goods Sold $ 0 Inventory Balance Number of units in inventory 0 Cost per unit $ AND Ending Inventory 7.50 $ 6.90 6.40 5.80 $ 0 0

Required information [The following information applies to the questions displayed below] Altira Cocporation provdes the following information related to its inventory during the month of August 2024 : August 1 Investory on hand-3,400 units; cost $7.50 eoch. August is Purchased 17,000 units for 56,90 each. August 14 Sold is, 609 inits for si3, 40 each. Aagust is Purchased 10,200 units for 16,40 each. August 25 sold 12,600 units for $12,40 each. August 11 Inventery on hand-9, Boo units. quired: Jsing caiculations based on a perpetual inventory system, determine the inventory bolance Altira would report in its August 31 , 24. balance sheet and the cost of goods sold it would report in its. August 2024 income statement using the fiFO method. Required informetion The following information applies to the questions displayed below] Altira Corporation provides the following information related to its inventory during the month of August 2024. August 1 Inventory on hand-3,400 units; cost $7,50 each. August i Purchased 17,000 units for $6,90 each. August 14 5old 13,600 units for $13.40 each. August 16 Purchased 10,200 units for $6,40 each. August 25 sold 12,600 units for $12,40 each. August 28 Purchased 5,460 units for $5.80 each. August 31 Inventory on hand -9 , 600 inits. 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 "Averoge Cost per Unit" to 2 decimal places

Answer & Explanation Solved by verified expert

See Answer