Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2, 500 units; cost $6.60 each. August 8 Purchased 12,500 units for $6.00 each. August 14 Sold 10,000 units for $12.50 each. August 18 Purchased 7,500 units for $5.20 each. August 25 Sold 9,000 units for $11.50 each. August 28 Purchased 4,500 units for $5.80 each. August 31 Inventory on hand-8,000 units. 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 last-in, first-out (LIFO).

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Altira Corporation provides the following information related to its inventory during the month of August
2024: August 1 Inventory on hand-2,500 units; cost $6.60 each. August 8 Purchased 12,500 units for $6.00
each. August 14 Sold 10,000 units for $12.50 each. August 18 Purchased 7,500 units for $5.20 each. August
25 Sold 9,000 units for $11.50 each. August 28 Purchased 4, 500 units for $5.80 each. August 31 Inventory
on hand-8,000 units. 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 last-in, first-out (LIFO).
Transcribed Image Text:Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,500 units; cost $6.60 each. August 8 Purchased 12,500 units for $6.00 each. August 14 Sold 10,000 units for $12.50 each. August 18 Purchased 7,500 units for $5.20 each. August 25 Sold 9,000 units for $11.50 each. August 28 Purchased 4, 500 units for $5.80 each. August 31 Inventory on hand-8,000 units. 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 last-in, first-out (LIFO).
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