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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-3,900 units; cost $8.00 each.. August 8 Purchased 19,500 units for $7.40 each. August 14 Sold 15,600 units for $13.90 each. August 18 Purchased 11,700 units for $6.60 each. August 25 Sold 14,600 units for $12.90 each. August 28 Purchased 5,900 units for $5.80 each. August 31 Inventory on hand-10,800 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. Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average Number of units Cost per Inventory unit Value Number of units sold Average Cost per unit Cost of Goods Sold Number of units in Inventory Cost per unit Ending inventory Beginning Inventory Purchase August 8 10 $ Sale August 14 Purchase-August 18. Sale August 25 Purchase-August 28 Total $ 0 9 < Prev of 11 Next 0 $ 0 S 0

Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,900 units; cost $8.00 each.. August 8 Purchased 19,500 units for $7.40 each. August 14 Sold 15,600 units for $13.90 each. August 18 Purchased 11,700 units for $6.60 each. August 25 Sold 14,600 units for $12.90 each. August 28 Purchased 5,900 units for $5.80 each. August 31 Inventory on hand-10,800 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. Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average Number of units Cost per Inventory unit Value Number of units sold Average Cost per unit Cost of Goods Sold Number of units in Inventory Cost per unit Ending inventory Beginning Inventory Purchase August 8 10 $ Sale August 14 Purchase-August 18. Sale August 25 Purchase-August 28 Total $ 0 9 < Prev of 11 Next 0 $ 0 S 0

FINANCIAL ACCOUNTING
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-3,900 units; cost $8.00 each.. August 8 Purchased 19,500 units for $7.40 each. August 14 Sold 15,600 units for $13.90 each. August 18 Purchased 11,700 units for $6.60 each. August 25 Sold 14,600 units for $12.90 each. August 28 Purchased 5,900 units for $5.80 each. August 31 Inventory on hand-10,800 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. Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average Number of units Cost per Inventory unit Value Number of units sold Average Cost per unit Cost of Goods Sold Number of units in Inventory Cost per unit Ending inventory Beginning Inventory Purchase August 8 10 $ Sale August 14 Purchase-August 18. Sale August 25 Purchase-August 28 Total $ 0 9 < Prev of 11 Next 0 $ 0 S 0
Transcribed Image Text:Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,900 units; cost $8.00 each.. August 8 Purchased 19,500 units for $7.40 each. August 14 Sold 15,600 units for $13.90 each. August 18 Purchased 11,700 units for $6.60 each. August 25 Sold 14,600 units for $12.90 each. August 28 Purchased 5,900 units for $5.80 each. August 31 Inventory on hand-10,800 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. Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average Number of units Cost per Inventory unit Value Number of units sold Average Cost per unit Cost of Goods Sold Number of units in Inventory Cost per unit Ending inventory Beginning Inventory Purchase August 8 10 $ Sale August 14 Purchase-August 18. Sale August 25 Purchase-August 28 Total $ 0 9 < Prev of 11 Next 0 $ 0 S 0
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