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Requlred Information [The following Information applles to the questions displayed below.] Altra Corporation provides the following Information related to Its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-2,500 units; cost $6.60 each. 8 Purchased 12,500 units for $6.00 each. 14 Sold 10,0ee units for $12.5e each. 18 Purchased 7,500 units for $5.20 each. 25 sold 9,00e units for $11.5e each. 28 Purchased 4,500 units for $5.se each. 31 Inventory on hand-8, e00 units. Requlred: 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 Perpetual FIFO: Cost of Goods unit Available for Sale # of units sold Cost of Goods Sold Cost of Goods Sold Goods Sold # of units Cost per in inventory Total Cost of # of units Cost per Cost per unit # of units Cost per sold Ending Inventory unit unit Beg. Inventory 2,500 $ 6.60 s 16,500 6.60 s 6.60 S 6.60 Purchases: August 8 12,500 6.00 75,000 6.00 6.00 6.00 August 18 7,500 5.20 39,000 5.20 5.20 5.20 August 28 4,500 5.80 26, 100 5.80 5.80 5.80 Total 27,000 $ 156,600

Requlred Information [The following Information applles to the questions displayed below.] Altra Corporation provides the following Information related to Its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-2,500 units; cost $6.60 each. 8 Purchased 12,500 units for $6.00 each. 14 Sold 10,0ee units for $12.5e each. 18 Purchased 7,500 units for $5.20 each. 25 sold 9,00e units for $11.5e each. 28 Purchased 4,500 units for $5.se each. 31 Inventory on hand-8, e00 units. Requlred: 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 Perpetual FIFO: Cost of Goods unit Available for Sale # of units sold Cost of Goods Sold Cost of Goods Sold Goods Sold # of units Cost per in inventory Total Cost of # of units Cost per Cost per unit # of units Cost per sold Ending Inventory unit unit Beg. Inventory 2,500 $ 6.60 s 16,500 6.60 s 6.60 S 6.60 Purchases: August 8 12,500 6.00 75,000 6.00 6.00 6.00 August 18 7,500 5.20 39,000 5.20 5.20 5.20 August 28 4,500 5.80 26, 100 5.80 5.80 5.80 Total 27,000 $ 156,600

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Requlred 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-2,500 units; cost $6.60 each. 8 Purchased 12,500 units for $6.00 each. 14 Sold 10,000 units for $12.50 each. 18 Purchased 7,500 units for $5.20 each. 25 Sold 9,00e units for $11.50 each. 28 Purchased 4,500 units for $5.80 each. 31 Inventory on hand-8,000 units. Requlred: 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 Sale Perpetual FIFO: # of units sold # of units # of units Cost per unit Cost per unit Cost of Goods Sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Cost per unit Ending Inventory # of units in sold inventory Beg. Inventory 2,500 $ 6.6o s 16,500 6.60 S 6.60 s 6.60 Purchases: August 8 12,500 6.00 75,000 6.00 6.00 6.00 August 18 7,500 5.20 39,000 5.20 5.20 5.20 August 28 4,500 5.80 26,100 5.80 5.80 5.80 Total 27,000 156,600
Transcribed Image Text:Requlred 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-2,500 units; cost $6.60 each. 8 Purchased 12,500 units for $6.00 each. 14 Sold 10,000 units for $12.50 each. 18 Purchased 7,500 units for $5.20 each. 25 Sold 9,00e units for $11.50 each. 28 Purchased 4,500 units for $5.80 each. 31 Inventory on hand-8,000 units. Requlred: 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 Sale Perpetual FIFO: # of units sold # of units # of units Cost per unit Cost per unit Cost of Goods Sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Cost per unit Ending Inventory # of units in sold inventory Beg. Inventory 2,500 $ 6.6o s 16,500 6.60 S 6.60 s 6.60 Purchases: August 8 12,500 6.00 75,000 6.00 6.00 6.00 August 18 7,500 5.20 39,000 5.20 5.20 5.20 August 28 4,500 5.80 26,100 5.80 5.80 5.80 Total 27,000 156,600
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