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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-2,200 units; cost $6.30 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.20 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand-7,400 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). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Cost Cost # of units sold Cost рer unit Total Cost of Goods Sold Cost # of units Cost of per unit Cost of Goods Available for Sale Cost of Goods Sold # of units sold per unit # of units in ending inventory per unit Ending Inventory Goods Sold Beg. Inventory Purchases: 2,200 $6.30 13,860 2,200 $6.30 13,860 $6.30 O $ 6.30 August 8 11,000 5.70 62,700 6,600 0 5.70 37,620 4,400 5.70 25,080 5.70 August 18 August 28 6,600 5.20 34,320 5.20 3,400 x 5.20 17,680 3,200 5.20 16,640 4,200 5.8 24,360 5.80 5.80 4,200 O 5.80 24,360 Total 24,000 135,240 8,800 51,480 7,800 42,760 94,240 7,400 $ 41,000

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,200 units; cost $6.30 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.20 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand-7,400 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). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Cost Cost # of units sold Cost рer unit Total Cost of Goods Sold Cost # of units Cost of per unit Cost of Goods Available for Sale Cost of Goods Sold # of units sold per unit # of units in ending inventory per unit Ending Inventory Goods Sold Beg. Inventory Purchases: 2,200 $6.30 13,860 2,200 $6.30 13,860 $6.30 O $ 6.30 August 8 11,000 5.70 62,700 6,600 0 5.70 37,620 4,400 5.70 25,080 5.70 August 18 August 28 6,600 5.20 34,320 5.20 3,400 x 5.20 17,680 3,200 5.20 16,640 4,200 5.8 24,360 5.80 5.80 4,200 O 5.80 24,360 Total 24,000 135,240 8,800 51,480 7,800 42,760 94,240 7,400 $ 41,000

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 merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,200 units; cost $6.30 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.20 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand-7,400 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). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Cost # of units sold Cost Cost Total Cost of Goods Sold Cost Cost of Goods Sold # of units sold Cost of Goods Sold # of units in ending inventory # of per unit Cost of Goods Available for Sale per unit per unit per unit Ending Inventory units Beg. Inventory 2,200 $6.30 13,860 2,200 $ 6.30 13,860 $ 6.30 X $ 6.30 Purchases: August 8 11,000 5.70 62,700 6.600 X 5.70 37,620 4.400 X 5.70 25,080 5.70 August 18 6,600 5.20 34,320 5.20 3,400 X 5.20 17,680 3,200 5.20 16,640 August 28 4,200 5.8 24,360 5.80 5.80 4,200 5.80 24.360 Total 24,000 135.240 8,800 2$ 51,480 7,800 42,760 94,240 7,400 41,000 5555
Transcribed Image Text:Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,200 units; cost $6.30 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.20 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand-7,400 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). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Cost # of units sold Cost Cost Total Cost of Goods Sold Cost Cost of Goods Sold # of units sold Cost of Goods Sold # of units in ending inventory # of per unit Cost of Goods Available for Sale per unit per unit per unit Ending Inventory units Beg. Inventory 2,200 $6.30 13,860 2,200 $ 6.30 13,860 $ 6.30 X $ 6.30 Purchases: August 8 11,000 5.70 62,700 6.600 X 5.70 37,620 4.400 X 5.70 25,080 5.70 August 18 6,600 5.20 34,320 5.20 3,400 X 5.20 17,680 3,200 5.20 16,640 August 28 4,200 5.8 24,360 5.80 5.80 4,200 5.80 24.360 Total 24,000 135.240 8,800 2$ 51,480 7,800 42,760 94,240 7,400 41,000 5555
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