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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. 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 methoc Note: Round "Average Cost per Unit" to 2 decimal places.

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. 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 methoc Note: Round "Average Cost per Unit" to 2 decimal places.

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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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. 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.
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. 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.
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 Salo August 14 Purchase August 18: Sale-August 25 Purchase August 28 Total Inventory on hand Number Cost per of units unit 0 Inventory Value $ 0 Cost of Goods Sold Average Cost per unit Number of units sold Cost of Goods Sold S Inventory Balance Cost per unit Number of units in inventory 0 0 $ S Ending inventory $ 0 0 0
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 Salo August 14 Purchase August 18: Sale-August 25 Purchase August 28 Total Inventory on hand Number Cost per of units unit 0 Inventory Value $ 0 Cost of Goods Sold Average Cost per unit Number of units sold Cost of Goods Sold S Inventory Balance Cost per unit Number of units in inventory 0 0 $ S Ending inventory $ 0 0 0
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