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re https:/newconnect.mheducation.com/flow/connect.html 3 Test Help Save & Exit Submit Check my work Exercise 8-14 Inventory cost flow methods; perpetual system [LO8-1, 8-4) Altira Corporation uses a perpetual inventory system. The following the month of August 2018 transactions affected its merchandise inventory during Aug.1 Inventory on hand-2,300 units; cost 56.48 each. 8 Purchased 11,se0 units for $5.80 each 14 Sold 9,280 units for $12.3e each. 18 Purchased 6,980 units for $5.00 each. 25 Sold 8,280 units for $11.38 each. 31 Inventory on hand-3, 3ee units. Exercise 8-14 Part 1 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 Cost of Goods #of units , cost per |# # of units # of units per : Cost of 'JE. unit Goods Sold in ending Cost per 1 Costiter | Good tof cost of ,ofunits cost Ending unit Inventory | Cost per unite, Available forl units inventoryu Prey 20t 31H Next >Explanation / Answer
Cost of Goods Available for Sale
Cost of Goods Sold - Aug 14
Cost of Goods Sold - Aug 25
Inventory Balance
Qty
Per Unit
Total
Qty
Per Unit
Total
Qty
Per Unit
Total
Qty
Per Unit
Total
2300
6.4
14720
11500
5.8
66700
2300
6.4
14720
4600
5.8
26680
6900
5.8
40020
6900
5
34500
4600
5.8
26680
3300
5
16500
3600
5
18000
Determination of Value of Closing Stock
Qty
Per Unit
Total
3300
5
16500
Total
16500
Determination of Cost of Goods Sold
Qty
Per Unit
Total
2300
6.4
14720
6900
5.8
40020
4600
5.8
26680
3600
5
18000
Total
99420
Cost of Goods Available for Sale
Cost of Goods Sold - Aug 14
Cost of Goods Sold - Aug 25
Inventory Balance
Qty
Per Unit
Total
Qty
Per Unit
Total
Qty
Per Unit
Total
Qty
Per Unit
Total
2300
6.4
14720
11500
5.8
66700
2300
6.4
14720
4600
5.8
26680
6900
5.8
40020
6900
5
34500
4600
5.8
26680
3300
5
16500
3600
5
18000
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