[The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its inventory during the month of August 2 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. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would repor 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the A Note: Round "Average Cost per Unit" to 2 decimal places. Perpetual Average Beginning Inventory Purchase-August 8 Sale - August 14 Purchase-August 18 Inventory on hand Cost per unit Number of units Inventory Value 2,900 $ 7.00 $ 14,500 $ 6.40 8,700 $ 6.00 20,300 92,800 52,200 Cost of Goods Sold Average Cost per unit Number of units sold 11,600 Cost of Goods Sold Inventory B Cost pe unit Number of units in inventory $ 7. 2,900 14,500 $ 6. 17,400 8,700 $ 6. 87001

[The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its inventory during the month of August 2 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. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would repor 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the A Note: Round "Average Cost per Unit" to 2 decimal places. Perpetual Average Beginning Inventory Purchase-August 8 Sale - August 14 Purchase-August 18 Inventory on hand Cost per unit Number of units Inventory Value 2,900 $ 7.00 $ 14,500 $ 6.40 8,700 $ 6.00 20,300 92,800 52,200 Cost of Goods Sold Average Cost per unit Number of units sold 11,600 Cost of Goods Sold Inventory B Cost pe unit Number of units in inventory $ 7. 2,900 14,500 $ 6. 17,400 8,700 $ 6. 87001

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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