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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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
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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