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. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its Augu 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost Note: Round "Average Cost per Unit" to 2 decimal places. Inventory on hand Coat of Good old
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. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its Augu 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost Note: Round "Average Cost per Unit" to 2 decimal places. Inventory on hand Coat of Good old
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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