Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—3,900 units; cost $7.20 each. 8 Purchased 19,500 units for $7.40 each. 14 Sold 15,600 units for $13.90 each. 18 Purchased 11,700 units for $7.50 each. 25 Sold 14,600 units for $12.90 each. 28 Purchased 5,900 units for $5.80 each. 31 Inventory on hand—10,800 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 each of the following cost flow methods. Complete this question by entering your answers in the tabs below. Tab: Average Cost Cost of Goods Available for Sale Cost of Goods Sold -Average Cost Ending Inventory-Average Cost Average Cost # of units Unit Cost of Goods # of units sold Average Cost Cost of Goods # of units in Average Ending Cost Available for sale per Unit Sold Cost per Inventory Unit Beginning Inventory 3,900 $ 7.20 $ 28,080 Purchases: August 8 19,500 7.40 144,300 August 18 11,700 7.50 87,750 August 28 5,900 5.80 34,220 Total 41,000 294,350 __________ ___________ $ 0 ________ _________ $ 0
[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:
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Aug.1 |
Inventory on hand—3,900 units; cost $7.20 each. |
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8 |
Purchased 19,500 units for $7.40 each. |
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14 |
Sold 15,600 units for $13.90 each. |
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18 |
Purchased 11,700 units for $7.50 each. |
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25 |
Sold 14,600 units for $12.90 each. |
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28 |
Purchased 5,900 units for $5.80 each. |
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31 |
Inventory on hand—10,800 units. |
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Required:
Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021,
Complete this question by entering your answers in the tabs below.
Tab: Average Cost
Cost of Goods Available for Sale Cost of Goods Sold -Average Cost Ending Inventory-Average Cost
Average Cost # of units Unit Cost of Goods # of units sold Average Cost Cost of Goods # of units in Average Ending
Cost Available for sale per Unit Sold Cost per Inventory
Unit
Beginning Inventory 3,900 $ 7.20 $ 28,080
Purchases:
August 8 19,500 7.40 144,300
August 18 11,700 7.50 87,750
August 28 5,900 5.80 34,220
Total 41,000 294,350 __________ ___________ $ 0 ________ _________ $ 0
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