Required information Altira Corporation uses a perpetual inventory system. The f

Question

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-2,800 units; cost $6.10 each. 8 Purchased 10,009 units for $5.58 each 14 Sold 8,000 units for $12.80 each. 18 Purchased 6,808 units for $55.00 each 25 Sold 7,000 units for $11.80 each 31 Inventory on hand-3,000 units. Required: 1. 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 FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold-August 14 Cost of Goods Sold August 25 Inventory Balance Cost of petual FIFO: #of | |#of units | | |"Of units inventory #of Cost per l Goods units unit Available for Cost per Cost perCost of Cost of unit Goods Sold sold Cost per Cost of Cost perEnding sold unit Goods Sold Inventory Beg Inventory Purchases $ 0.00 0.00S S 0.00S August 8 August 18 0.00 0.00 0,00 0.00 Total

Explanation / Answer

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Cost of Goods Available for sale Cost of Goods sold Aug14 Cost of Goods sold Aug25 Inventory FIFO No of Units Cost per unit Total Cost No of Units Cost per unit Total Cost No of Units Cost per unit Total Cost Units in ending inventory Cost per unit Ending inventory Beg Inventory 2000 6.1 12200 2000 6.1 12200 0 Purchase    Aug 8 10000 5.5 55000 6000 5.5 33000 3000 5.5 16500 1000 5.5 5500    Aug 18 6000 5 30000 4000 5 20000 2000 5 10000 Total 18000 97200 8000 45200 7000 36500 3000 15500 Cost of Goods Available for sale Cost of Goods sold Aug14 Cost of Goods sold Aug25 Inventory LIFO No of Units Cost per unit Total Cost No of Units Cost per unit Total Cost No of Units Cost per unit Total Cost Units in ending inventory Cost per unit Ending inventory Beg Inventory 2000 6.1 12200 2000 6.1 12200 Purchase    Aug 8 10000 5.5 55000 2000 5.5 11000 7000 5.5 38500 1000 5.5 5500    Aug 18 6000 5 30000 6000 5 30000 0 5 0 Total 18000 97200 8000 41000 7000 38500 3000 17700 Cost of Goods Available for sale Cost of Goods sold Aug Inventory WA No of Units Cost per unit Total Cost No of Units Cost per unit Total Cost Units in ending inventory Cost per unit Ending inventory Beg Inventory 2000 6.1 12200 2000 6.1 12200 Purchase- Aug 8 10000 5.5 55000 12000 5.6 67200 Sale-14 Aug 8000 5.6 44800 4000 5.6 22400 Purchase- Aug 18 6000 5 30000 10000 5.24 52400 Sale-25 Aug 7000 5.24 36680 3000 5.24 15720 Total 18000 97200 15000 81480 3000 15720

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