Altira Corporation provides the following Information related to Its merchandise Inventory during the month of August 2021:Aug.1 Inventory on hand-3,100 units; cost $6.40 each.8 Purchased 15,500 units for $6.60 each.14 Sold 12,400 units for $13.10 each.18 Purchased 9,300 units for $6.70 each.25 Sold 11,400 units for $12.10 each.28 Purchased 5,100 units for $5.80 each.31 Inventory on hand-9, 200 units.Requlred:Using calculations based on a perlodic 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 each of the following cost flowmethods.Complete this question by entering your answers in the tabs below.FIFOLIFOAverage CostDetermine 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 the FIFOmethod. (Round "Cost per Unit" to 2 decimal places.)Cost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory - Periodic FIFOFIFOCost of GoodsAvailable for Sale# of units in endinginventoryCost of GoodsCostper unitCostper unitEndingper unit InventoryCost# of units# of units soldSold$6.40 s$ 6.40 $Beginning InventoryPurchases:3,100$ 6.40 S19,8402,50016,000$ 6.60$ 6.60S 6.70August 815,500$ 6.60102,3007,50049,500$ 6.709,300 $ 6.70$ 5.80August 1862,310August 285,10029,580S 5.80Total33,000214,03010,00065,500< FIFOLIFO >

The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Cost of…

Altira Corporation provides the following Information related to Its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3,100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,4ee units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 sold 11,40e units for $12.10 each. 28 Purchased 5,100 units for $5.se each. 31 Inventory on hand-9, 200 units. Requlred: Using calculations based on a perlodic 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 each of the followlng cost flow methods. Complete this question by entering your answers in the tabs below.

Altira Corporation provides the following Information related to Its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3,100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,4ee units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 sold 11,40e units for $12.10 each. 28 Purchased 5,100 units for $5.se each. 31 Inventory on hand-9, 200 units. Requlred: Using calculations based on a perlodic 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 each of the followlng cost flow methods. Complete this question by entering your answers in the tabs below.

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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Saved Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Help Save & Exit Submit Aug.1 Inventory on hand-2,000 units; cost $5.30 each. B Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. Required: Using calculations based on a periodic înventory 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 each of the following cost flow methods. ook Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost 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 method. (Round…
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…
Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,800 units; cost $6.90 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11, 200 units for $12.80 each. 18 Purchased 8,400 units for $5.80 each. 25 Sold 10, 200 units for $11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory on hand-8,600 units. Required: 1. 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 the FIFO method. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Cost of Goods Available for Perpetual FIFO: Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units…
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.
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Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020) Purchases: 60 units @ $20 per unit Purchase 1 on 3/8/21 140 units @ $28 per unit Purchase 2 on 8/5/21 50 units @ $32 per unit Sales: Sale 1 on 5/8/21 80 units @ $90 per unit Sale 2 on 9/13/21 125 units @ $90 per unit Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase. Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…
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.
Check my work Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11, 000 units for $12.00 each. 28 Purchased 5,000 units for $5.80 each. 31 Inventory on hand-9,000 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 Cost Total Cost Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost of Goods Sold # of units in ending Cost inventory Endin Invento # of…
Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (January 1) 24 $ 19 $ 456 Purchase (January 11) 20 $ 25 500 Purchase (January 20) 31 $ 27 837 Total 75 $ 1,793 On January 14, Beech Soda, Incorporated sold 33 units of this product. The other 42 units remained in inventory at January 31. i) Assuming that Beech Soda uses the first-in, first-out (FIFO) cost flow assumption: The cost of goods sold to be recorded at January 14 is: $_______________________________ The cost of ending inventory at January 31 is: $ _____________________________ ii). Assuming that Beech Soda uses the Last-in, first-out (LIFO) cost flow assumption: The cost of goods sold to be recorded at January 14 is:…
Case D Tompkins Company reports the following Inventory record for November. Date November 1 November 4 November 7 November 13 November 22 INVENTORY Activity Beginning balance Purchase Sale (@ $53 per unit) Purchase Sale (@ $53 per unit) # of Units 135 320 Cost/Unit $ 18 19 245 525 21 520 Selling, administrative, and depreciation expenses for the month were $15,500. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending Inventory and the cost of goods sold under each of the following methods using periodic Inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its Inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that Inventory had a market replacement value of $17.70 per unit, what would Tompkins report on the balance sheet for Inventory? Complete this question by…