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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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…
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…
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,300 units; cost $7.40 each. 8 Purchased 16,500 units for $6.80 each. 14 Sold 13,200 units for $13.30 each. 18 Purchased 9,900 units for $6.20 each. 25 Sold 12,200 units for $12.30 each. 28 Purchased 5,300 units for $5.80 each. 31 Inventory on hand-9,600 units. 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 last-in, first-out (LIFO). Perpetual LIFO: Beg. Inventory Purchases: August 8 August 18 August 28 Total Cost of Goods Available for Sale Cost per unit 3,300 $7.40 $ # of units 16,500 6.80 9,900 6.20 5.8 5,300 35,000 Cost of Goods Available for Sale $ 24,420 112,200 61,380 30,740 228,740 Cost of Goods Sold - August 14 # of units sold 0 Cost per unit Cost…
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand—2,300 units; cost $6.40 each. August 8 Purchased 11,500 units for $5.80 each. August 14 Sold 9,200 units for $12.30 each. August 18 Purchased 6,900 units for $5.00 each. August 25 Sold 8,200 units for $11.30 each. August 28 Purchased 4,300 units for $5.80 each. August 31 Inventory on hand—7,600 units. 1. 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 FIFO method.
ABC Corporation begins the month of April with 12.400 units of inventory recorded at total historical cost of 23040.During the month the company purchases 6800 additional units for total acquisition of 71808.What is the average cost per unit of inventory available for sale in the april a.10560 b.9600 c.10310 d.13940
Causwell Company began 2018 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During2018 an additional 30,000 units were purchased at a single unit cost, and 20,000 units remained on hand at the endof 2018 (20,000 units therefore were sold during 2018). Causwell uses a periodic inventory system. Cost of goodssold for 2018, applying the average cost method, is $115,000. The company is interested in determining what costof goods sold would have been if the FIFO or LIFO methods were used.Required:1. Determine the cost of goods sold for 2018 using the FIFO method. [Hint: Determine the cost per unit of 2018purchases.]2. Determine the cost of goods sold for 2018 using the LIFO method.
A company had beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. On March 6 it purchased 5 units at $22 each. On March 8, it sold 26 units for $65 each. Using the FIFO perpetual inventory method, what was the cost of the 26 units sold?
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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—4,000 units; cost $7.30 each. 8 Purchased 20,000 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.60 each. 25 Sold 15,000 units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand—11,000 units. Required:Using calculations based on a periodic 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 FIFO.
The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 33,000 units at $40.00 Sale The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO?
Red Company has beginning inventory of 22 units at a cost of $12.00 each on May 1. On May 5, it purchases 9 units at $14.00 per unit. On May 12 it purchases 25 units at $15.00 per unit. On May 15, it sells 39 units for $32 each. Using the FIFO perpetual inventory method, what is the value of the inventory on May 15 after the sale?