Give me correct answer and explanation.j August 1 Inventory on hand-3,300 units; cost $7.40 each.August 8 Purchased 16,500 units for $6.80 each.August 14 Sold 13,200 units for $13.30 each.August 18 Purchased 9,900 units for $6.20 each.August 25 Sold 12,200 units for $12.30 each.August 28 Purchased 5,300 units for $5.80 each.August 31 Inventory on hand-9,600 units.2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31,2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method.Note: Round "Average Cost per Unit" to 2 decimal places.Answer is complete but not entirely correct.Inventory on handCost of Goods SoldInventory BalancePerpetual AverageCostNumberof unitsperunitInventoryValueNumberof unitssoldAverageCostper unitCost ofGoodsSoldNumberof unitsinCostperunitEndinginventoryinventoryBeginning Inventory3,300$ 7.40$ 24,4203,300$ 7.40 $ 24,42016,500$ 6.80112,20019,800$6.80$ 134,640Purchase August 823,100$ 159,060Sale - August 1413,200$ 6.90$ 91,0806,600$ 6.90$ 45,5409,900$6.2061,38016,500 $6.20$ 102,300Purchase August 18Sale - August 2512,200$ 6.4879,05623,1004,300$ 147,840$ 6.48$ 27,864Purchase August 28Total5,300$ 5.8030,7409,600 $ 5.80$ 55,68035,000$ 228,740$ 170,13613,900$ 83,544

Name: Give me correct answer and explanation.j August 1 Inventory on hand-3,
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Give me correct answer and explanation.j August 1 Inventory on hand-3,300 units; cost $7.40 each.August 8 Purchased 16,500 units for $6.80 each.August 14 Sold 13,200 units for $13.30 each.August 18 Purchased 9,900 units for $6.20 each.August 25 Sold

Perpetual inventory method is a method where the cost of goods sold and inventory in hand is updated…

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Accounting

August 1 Inventory on hand-3,300 units; cost $7.40 each. August 8 Purchased 16,500 units for $6.80 each. August 14 Sold 13,200 units for $13.30 each. August 18 Purchased 9,900 units for $6.20 each. August 25 Sold 12,200 units for $12.30 each. August 28 Purchased 5,300 units for $5.80 each. August 31 Inventory on hand-9,600 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.