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

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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 merchandise inventory during the month of August2021:Aug. 1 Inventory on hand-3,600 units;

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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