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. Perpetual Average Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total Inventory on hand Number Cost per of units unit Inventory Value Cost of Goods Sold Average Cost per unit Number of units sold Cost of Goods Sold Inventory Balance Cost per unit Number of units in inventory Ending inventory
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. Perpetual Average Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total Inventory on hand Number Cost per of units unit Inventory Value Cost of Goods Sold Average Cost per unit Number of units sold Cost of Goods Sold Inventory Balance Cost per unit Number of units in inventory Ending inventory
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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Transcribed Image Text: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.
Perpetual Average
Beginning Inventory
Purchase - August 8
Sale - August 14
Purchase-August 18
Sale - August 25
Purchase - August 28
Total
Inventory on hand
Cost per
unit
Number
of units
Inventory
Value
Cost of Goods Sold
Average
Cost per
unit
Number
of units
sold
Cost of
Goods Sold
Inventory Balance
Cost per
unit
Number of
units in
inventory
Ending
inventory
![Required information
[The following information applies 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-3,300 units; cost $7.40 each.
August 8 Purchased 16,500 units for $6.80 each.
August 14 Sold 13,200 units for $13.30 each.
August 18 Purchased 9,900 units for $6.20 each.
August 25 Sold 12,200 units for $12.30 each.
August 28 Purchased 5,300 units for $5.80 each.
August 31 Inventory on hand-9,600 units.
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.
Perpetual Average
Beginning Inventory
Purchase - August 8
Inventory on hand
Cost per
unit
Number
of units
Inventory
Value
Cost of Goods Sold
Average
Cost per
unit
Number
of units
sold
Cost of
Goods Sold
Inventory Balance
Cost per
unit
Number of
units in
inventory
Ending
inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac06c900-dc52-42b8-b0c3-6a4d7bd22308%2F14c40c98-3201-4ebb-9315-fa6045ee1e56%2Fe66wg1_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies 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-3,300 units; cost $7.40 each.
August 8 Purchased 16,500 units for $6.80 each.
August 14 Sold 13,200 units for $13.30 each.
August 18 Purchased 9,900 units for $6.20 each.
August 25 Sold 12,200 units for $12.30 each.
August 28 Purchased 5,300 units for $5.80 each.
August 31 Inventory on hand-9,600 units.
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.
Perpetual Average
Beginning Inventory
Purchase - August 8
Inventory on hand
Cost per
unit
Number
of units
Inventory
Value
Cost of Goods Sold
Average
Cost per
unit
Number
of units
sold
Cost of
Goods Sold
Inventory Balance
Cost per
unit
Number of
units in
inventory
Ending
inventory
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