Will not thumbs up mark unless correct. Required information Altira Corporation

Question

Will not thumbs up mark unless correct.

Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018 Aug.1 Inventory on hand-3,600 units; cost $7.70 each 8 Purchased 18,a0e units for $7.1e each 14 Sold 14,400 units for $13.60 each 18 Purchased 10,8 units for $6.60 each. 25 Sold 13,400 units for $12.60 each 31 Inventory on hand-4,680 units 2. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.) Answer is not complete Cost of Goods Available for Cost of Goods Sold-August 14 Cost of Goods Sold-August 25 Inventory Balance Sale Perpetual Cost per unit Cost of Goods Available for Sale #of units sold Cost per unit Cost of Goods Sold #of units sold Cost of Goods Sold # of units in ending inventory Cost per unit Cost per unit Inventory Ending units Beg. nvento Purchases: 3,600 $7.70 27,7203,600$ 7.70 27,720 001$ 7.70 $ 7.70 Augst 8 18,000 7.10127,800 10,800 August 18 7.10 76,680 7,200 6,200 $104,400 13,400 7.10 51,120 40,920 $ 92,040 7.10 10,800 6.60 4,600 4,600 71,280 6.60 0 6.60 30,360 Total 32,400 $226,800 14,400 $ 30,360

Explanation / Answer

2)

Cost of goods sold in income statement = 102240+89740 = $191980

Inventory balance in balance sheet = $34820

Cost of goods available for sale Cost of goods sold-Aug 14 Cost of good sols-Aug 25 Inventory balance Perpetual LIFO # of units Cost per unit Cost of goods available for sale #of units sold Cost per unit Cost of good sold # of units sold Cost per unit Cost of goods sold # of units in ending inventory Cost per unit Ending inventory Aug 7 3600 7.70 27720 3600 7.7 27720 Aug 8 18000 7.10 127800 14400 7.1 102240 2600 7.10 18460 1000 7.1 7100 Aug 18 10800 6.60 71280 10800 6.6 71280 Total 32400 226800 14400 102240 13400 89740 4600 34820

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