Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,000 units; cost $5.30 each. August 8 Purchased 8,000 units for $5.50 each. August 14 Sold 6,000 units for $12.00 each. August 18 Purchased 6,000 units for $5.60 each. August 25 Sold 7,000 units for $11.00 each. August 28 Purchased 4,000 units for $5.80 each. August 31 Inventory on hand-7,000 units.
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- 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—3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand—10,400 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.! Required information [The following information applies to the questions displayed below.] A company began 2024 with 17,000 units of inventory on hand. The cost of each unit was $5.00. During 2024, an additional 35,000 units were purchased at a single unit cost, and 27,000 units remained on hand at the end of 2024 (25,000 units therefore were sold during 2024). The company uses a periodic inventory system. Cost of goods sold for 2024, applying the average cost method, is $142,500. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. Required: 2. Determine the cost of goods sold for 2024 using the LIFO method. Note: Do not round intermediate calculations. LIFO cost of goods soldAltira 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. 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.)
- Seminole Company began the year with 23,000 units of product in its January 1 inventory costing $15.60 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 41,000 units of its product remain in inventory. March 7 May 25 August 1 November 10 34,000 units @ $18.60 each 36,000 units @ $22.60 each 26,000 units @ $24.60 each 36,000 units @ $27.60 each Required: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during the year. Total units available for sale Total cost of units available for sale unitsAltira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,900 units; cost $7.00 each. August 8 Purchased 14,500 units for $6.40 each. August 14 Sold 11,600 units for $12.90 each. August 18 Purchased 8,700 units for $6.00 each. August 25 Sold 10,600 units for $11.90 each. August 28 Purchased 4,900 units for $5.80 each. August 31 Inventory on hand-8,800 units. 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 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: Number of units Cost per unit Cost of Goods Available for Sale Number of Cost Cost of units sold per unit Goods Sold Number of units sold Cost per unit Cost of Goods…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.] During the year, TRC Corporation has the following inventory transactions. Total Cost $ 3,120 Date Transaction Number of Units Unit Cost Jan. 1 Beginning inventory Apr. 7 Purchase 60 $ 52 140 54 7,560 Jul.16 Purchase 210 57 11,978 Oct. 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Beginning Inventory Ending Inventory Ending Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per Cost of Goods # of units unit Available Cost per unit Cost of Goods Sold # of units for Sale 60 $ 52 $ 3,120 60 S 52 S 3.120 60 S 52 $ 3,120 Cost per unit Inventory Purchases: Apr 07 140 S 54 7,560 120 $ 54 6,480 20 $ 54 1,080 Jul 16 210 S 57 11,970 210 $ 57 11.970 Oct 06 120 S 58 Total 530 $ 6,960 29.610 120 $ 58 6,960 450 $ 25,410 80 $…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.Soler Company uses the periodic method to account for inventory. At the beginning of the year, Soler had 300 units of inventory that cost $45 (you need to include this inventory in your count when answering the questions below). Soler had the following inventory purchases throughout the period: First 250 units @ $50 = $12,500 Second 430 units @ $52 = $22,360 Third 325 units @ $55 = $17,875 Fourth 205 units @ $57 = $11,685 Throughout the year, Soler sold 1,025 units for $120 per unit. Using the information above, complete the following: 1. Assume that Soler uses the FIFO method to account for inventory and the current Net Realizable Value for the inventory is $25,100. At what amount would Soler report this inventory on its Balance Sheet, assuming that they elect to report at the Lower of Cost or Net Realizable Value? (To solve for this, compare ending…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.