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-3,600 units; cost $7.70 each. 8 Purchased 18,000 units for $7.10 each. 14 Sold 14,400 units for $13.60 each. 18 Purchased 10,800 units for $6.60 each. 25 Sold 13,400 units for $12.60 each. 28 Purchased 5,600 units for $5.80 each. 31 Inventory on hand-10, 200 units. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the Average cost method. Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average # of units Avg.Cost Cost of # of units in Cost per unit Ending inventory Cost per Inventory Value # of units unit sold per unit Goods Sold inventory Beginning Inventory Purchase - August 8 %24 Sale - August 14 Purchase - August 18 %24 0. Sale - August 25 Purchase - August 28 2$ $ Total %24 %24
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-3,600 units; cost $7.70 each. 8 Purchased 18,000 units for $7.10 each. 14 Sold 14,400 units for $13.60 each. 18 Purchased 10,800 units for $6.60 each. 25 Sold 13,400 units for $12.60 each. 28 Purchased 5,600 units for $5.80 each. 31 Inventory on hand-10, 200 units. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the Average cost method. Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average # of units Avg.Cost Cost of # of units in Cost per unit Ending inventory Cost per Inventory Value # of units unit sold per unit Goods Sold inventory Beginning Inventory Purchase - August 8 %24 Sale - August 14 Purchase - August 18 %24 0. Sale - August 25 Purchase - August 28 2$ $ Total %24 %24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education