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.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.Perpetual AverageBeginning InventoryPurchase - August 8Sale - August 14Purchase - August 18Sale - August 25Purchase - August 28TotalInventory on handNumber Cost per InventoryValueof unitsunit0$0Cost of Goods SoldAverageCost perunitNumberof unitssoldCost ofGoods Sold$0Inventory BalanceCost perunitNumber ofunits ininventory000Endinginventory$$000

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Description: 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 $5.3

When the average costing approach is utilized within a perpetual inventory system, every time an…

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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.

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.

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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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.
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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 units
Altira 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…
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…
Heiner Company began business on July 1, 2022 and made the following four inventory purchases in July: Units Unit Total Purchased Cost Cost July 1 150 units $5.20 $ 780July 10 200 units $5.85 1,170July 15 200 units $6.30 1,260July 28 150 units $6.60 990 $4,200 A physical count of inventory on July 31 reveals that there are 200 units on hand. Using the LIFO inventory method, calculate the Cost of Goods Sold for July. (Include two decimal places in your answer; do not include a $ sign)
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…
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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.