Altira Corporation provides the following information related to its inventory during the month of August 2024:August 1 Inventory on hand-3,100 units; cost $7.20 each.August 8 Purchased 15,500 units for $6.60 each.August 14 Sold 12,400 units for $13.10 each.August 18 Purchased 9,300 units for $5.50 each.August 25 Sold 11,400 units for $12.10 each.August 28 Purchased 5,100 units for $5.80 each.August 31 Inventory on hand-9,200 units.Using calculations based on a perpetual inventory system, determine the inventory balance Altire would report in its August 31, 2024balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO)Perpetual LIFQ;Beginning InventoryPurchasesAugust 8August 18August 28TotalCost of Goods Available for SaleCostperunit3,100 $7.20 $Numberof units15,500 6.605.805.80umberunits9,3005.10033,000units for $12.10 each.,100 units for $5.50 each.n hand-9,200 units.15.500 6.009.300 5.005,1005.8033.000Show Transcribed TextCost of Goods Available for SaleCostperunit3,100 $7.20 $SCost of GoodsAvailable for SaleCost of GoodsAvailable for Sale$22,320vides the following information related to its inventory during the month of August 2024hand-3,100 units; cost $7.20 each.5,500 units for 56.60 each.units for $13.10 each.300 units for $5.00 each.102.30053.94029.580200,14022.320102,30053,94029.500208.1400Cost of Goods Sold August 146.005.005.80Cost ofNumber of Costunits sold per unit Goods Sold$7.20 Sed on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024,cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO)Cost of Goods Sold-August 14Number of Cost Cost ofunits sold per unit Goods Sold$7.20 S0Oof06.605.805.80$Number ofunits soldCost of Goods Sold August 25CostperD$7.20 S6.605.80500000Cost of Goods Sold August 25Costperunit$7.20 SNumber ofunits sold0DSD6.605.005.80Number ofCost ofTotal Cost ofGoods Sold Goods Sold units in endinginventory1Cost ofGoods SoldS0DInventory Balance0 $Cost perTotal Cost ofGoods Sold$ 7.206.005.005.50EndingInventory$

Name: Altira Corporation provides the following information related to its
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Description: Altira Corporation provides the following information related to its inventory during the month of August 2024:August 1 Inventory on hand-3,100 units; cost $7.20 each.August 8 Purchased 15,500 units for $6.60 each.August 14 Sold 12,400 units for $13

LIFO stands for Last In First Out. Using LIFO method, the newer inventory is sold out and older…

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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-3,100 units; cost $7.20 each. August 8 Purchased 15,500 units for $6.60 each. August 14 Sold 12,400 units for $13.10 each. August 18 Purchased 9,300 units for $5.80 each. August 25 Sold 11,400 units for $12.10 each. August 28 Purchased 5,100 units for $5.80 each. August 31 Inventory on hand-9,200 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altire would report in its August 31, 201 balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO) Goods Sold August

Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,100 units; cost $7.20 each. August 8 Purchased 15,500 units for $6.60 each. August 14 Sold 12,400 units for $13.10 each. August 18 Purchased 9,300 units for $5.80 each. August 25 Sold 11,400 units for $12.10 each. August 28 Purchased 5,100 units for $5.80 each. August 31 Inventory on hand-9,200 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altire would report in its August 31, 201 balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO) Goods Sold August

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 8,500 units of its product remain in inventory. Jan. 4 . 11,500 units @ $33 each May 18 . 13,400 units @ $32 each July 9 . 11,000 units @ $29 each Nov. 21 . 7,600 units @ $27 each Required 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. (Round all amounts to cents.)
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 510 units—170 from each of the last three purchases. January 1 Beginning inventory 270 units @ $4.80 = $ 1,296 March 7 Purchase 580 units @ $5.75 = 3,335 July 28 Purchase 1,220 units @ $5.30 = 6,466 October 3 Purchase 1,100 units @ $5.60 = 6,160 December 19 Purchase 600 units @ $5.80 = 3,480 Totals 3,770 units $ 20,737 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income?
[The following information applies to the questions displayed below] Kangaroo Jim Company reported beginning inventory of 480 units at a per unit cost of $5. It had the following purchase and sales transactions during the year. January 14 Sold 400 units at unit sales price of $25 on account. April 9 Purchased 390 additional units at a per unit cost of $5 on account. September 2 Sold 330 units at a sales price of $30 on account. December 31 Counted inventory and determined 140 units were still on hand. Required: a. Record each transaction, assuming that Kangaroo Jim Company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Heiner Company began business on July 1, 2022 and made the following four inventory purchases in July: Units Unit Total Purchased Cost Cost July 1 150 units $5.20 $ 780July 10 200 units $5.85 1,170July 15 200 units $6.30 1,260July 28 150 units $6.60 990 $4,200 A physical count of inventory on July 31 reveals that there are 200 units on hand. Use the FIFO inventory method to calculate July’s cost of Ending Inventory. (Include two decimal places in your answer; do not include a $ sign)
At the beginning of the year, Culver Ltd. had 860 units with a cost of $7 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 15 Sold 710 units on account for $10 each. Purchased 1,000 units on account for $8 per unit. Sold 790 units for cash at $9 each.
At May 1, 2016, Sheridan Company had beginning inventory consisting of 190 units with a unit cost of $7.30. During May, the company purchased inventory as follows: 720 units at $7.30 590 units at $5.80 The company sold 1030 units during the month for $14 per unit. Sheridan uses the average cost method. The average cost per unit for May is $8.300. $7.800. $7.300. $6.710. O O O
Dublin Corporation provides the following information related to its inventory during the month of October: October 1 Inventory on hand-3,000 units; cost $6.00 each. October 9 Sold 2,400 units for $10.00 each. October 12 Purchased 1,200 units for $6.30 each. October 18 Sold 1,000 units for $10.20 each. October 24 Purchased 1,400 units for $7.20 each. October 31 Inventory on hand Required: Using calculations based on a PERPETUAL inventory system, determine the inventory balance Dublin would report in its October 31 balance sheet and the cost of goods sold it would report in its October income statement using each of the following cost flow methods. 1. Determine the cost assigned to ending inventory and to cost of goods sold using the FIFO method. 2. Determine the cost assigned to ending inventory and to cost of goods sold using the LIFO method. 3. Compute the amount of gross profit under the two methods.
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,600 units; cost $6.70 each. August 8 Purchased 13,000 units for $6.10 each. August 14 Sold 10,400 units for $12.60 each. August 18 Purchased 7,800 units for $5.60 each. August 25 Sold 9,400 units for $11.60 each. August 28 Purchased 4,600 units for $5.80 each. August 31 Inventory on hand-8,200 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). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units sold Cost per unit Cost of Goods…
Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand-3,600 units; cost $7.70 each. 8 Purchased 18,000 units for $7.10 each. 14 Sold 14, 400 units for $13.60 each. 18 Purchased 10,800 units for $6.60 each. 25 Sold 13,400 units for $12.60 each. 28 Purchased 5,600 units for $5.80 each. 31 Inventory on hand-10,200 units. Required: 1. Using calculations based on a perpetual inventory system, determine the inventory Balance Altira would report in its August 31, 2021, palance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method. Cost of Goods Sold - August 25 Inventory Balance Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods # of units in Cost per End # of units sold Total Cost of Goods Sold Perpetual FIFO: Cost per unit Cost…
Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand—10,400 units. Required:1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method.
Seminole Company began the year with 23,000 units of product in its January 1 inventory costing $15.60 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 41,000 units of its product remain in inventory. March 7 May 25 August 1 November 10 34,000 units @ $18.60 each 36,000 units @ $22.60 each 26,000 units @ $24.60 each 36,000 units @ $27.60 each Required: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during the year. Total units available for sale Total cost of units available for sale units
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,900 units; cost $7.00 each. August 8 Purchased 14,500 units for $6.40 each. August 14 Sold 11,600 units for $12.90 each. August 18 Purchased 8,700 units for $6.00 each. August 25 Sold 10,600 units for $11.90 each. August 28 Purchased 4,900 units for $5.80 each. August 31 Inventory on hand-8,800 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). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Number of units Cost per unit Cost of Goods Available for Sale Number of Cost Cost of units sold per unit Goods Sold Number of units sold Cost per unit Cost of Goods…