Required information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1,8-4] [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-3,100 units; cost $7.20 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 $5.80 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. Exercise 8-14 (Algo) Part 2 2. 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 Average cost method. Round "Average Cost per Unit" to 2 decimal places.)
Required information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1,8-4] [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-3,100 units; cost $7.20 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 $5.80 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. Exercise 8-14 (Algo) Part 2 2. 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 Average cost method. Round "Average Cost per Unit" to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1, 8-4]
[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-3,100 units; cost $7.20 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 $5.80 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.
Exercise 8-14 (Algo) Part 2
2. 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 Average cost method.
(Round "Average Cost per Unit" to 2 decimal places.)
Perpetual Average
Beginning Inventory
Purchase - August 8
Sale - August 14
Purchase - August 18
Sale - August 25
Purchase - August 28
Total
Inventory on hand
Cost per
unit
# of units
Inventory
Value
Cost of Goods Sold
Cost of
Goods Sold
# of units Avg.Cost
sold
per unit
Inventory Balance
Cost per
unit
# of units in
inventory
Ending
inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05c29da8-5e07-472c-a295-a56e55cdcfad%2Fba3d60a0-5a16-41ec-983a-e6a57507d218%2Furrksr_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1, 8-4]
[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-3,100 units; cost $7.20 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 $5.80 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.
Exercise 8-14 (Algo) Part 2
2. 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 Average cost method.
(Round "Average Cost per Unit" to 2 decimal places.)
Perpetual Average
Beginning Inventory
Purchase - August 8
Sale - August 14
Purchase - August 18
Sale - August 25
Purchase - August 28
Total
Inventory on hand
Cost per
unit
# of units
Inventory
Value
Cost of Goods Sold
Cost of
Goods Sold
# of units Avg.Cost
sold
per unit
Inventory Balance
Cost per
unit
# of units in
inventory
Ending
inventory
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