This is a variation of Altira Corporation provides the following information related to its inventory during the month of August 2024: Aug. 1 Inventory on hand-2,000 units; cost $5.30 each. Purchased 8,000 units for $5.50 each. Sold 6,000 units for $12.00 each. Purchased 6,000 units for $5.60 each. Sold 7,000 units for $11.00 each. Purchased 4,000 units for $5.80 each. Inventory on hand-7,000 units. 8 14 18 25 28 31 Required: Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024.
This is a variation of Altira Corporation provides the following information related to its inventory during the month of August 2024: Aug. 1 Inventory on hand-2,000 units; cost $5.30 each. Purchased 8,000 units for $5.50 each. Sold 6,000 units for $12.00 each. Purchased 6,000 units for $5.60 each. Sold 7,000 units for $11.00 each. Purchased 4,000 units for $5.80 each. Inventory on hand-7,000 units. 8 14 18 25 28 31 Required: Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![E 8-14 Inventory cost flow methods; perpetual system
LO8-1,LO8-4
[This is a variation of E8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation provides the following information related to its inventory during the month of August 2024:
Aug. 1
1. First-in, first-out (FIFO)
2. Average cost
8
14
18
25
28
Inventory on hand-2,000 units; cost $5.30 each.
Purchased 8,000 units for $5.50 each.
Sold 6,000 units for $12.00 each.
Purchased 6,000 units for $5.60 each.
Sold 7,000 units for $11.00 each.
Purchased 4,000 units for $5.80 each.
31 Inventory on hand-7,000 units.
Required:
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 each of the following cost flow
methods:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F846803f5-7c95-4ede-8824-3679993830cf%2F508134f5-0002-411f-9831-68e3b94b46f4%2Fmdx8tkn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:E 8-14 Inventory cost flow methods; perpetual system
LO8-1,LO8-4
[This is a variation of E8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation provides the following information related to its inventory during the month of August 2024:
Aug. 1
1. First-in, first-out (FIFO)
2. Average cost
8
14
18
25
28
Inventory on hand-2,000 units; cost $5.30 each.
Purchased 8,000 units for $5.50 each.
Sold 6,000 units for $12.00 each.
Purchased 6,000 units for $5.60 each.
Sold 7,000 units for $11.00 each.
Purchased 4,000 units for $5.80 each.
31 Inventory on hand-7,000 units.
Required:
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 each of the following cost flow
methods:
![E 8-14 Inventory cost flow methods; perpetual system
LO8-1,LO8-4
[This is a variation of E8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation provides the following information related to its inventory during the month of August 2024:
Aug. 1
1. First-in, first-out (FIFO)
2. Average cost
8
14
18
25
28
Inventory on hand-2,000 units; cost $5.30 each.
Purchased 8,000 units for $5.50 each.
Sold 6,000 units for $12.00 each.
Purchased 6,000 units for $5.60 each.
Sold 7,000 units for $11.00 each.
Purchased 4,000 units for $5.80 each.
31 Inventory on hand-7,000 units.
Required:
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 each of the following cost flow
methods:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F846803f5-7c95-4ede-8824-3679993830cf%2F508134f5-0002-411f-9831-68e3b94b46f4%2F9yg8e0q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:E 8-14 Inventory cost flow methods; perpetual system
LO8-1,LO8-4
[This is a variation of E8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.]
Altira Corporation provides the following information related to its inventory during the month of August 2024:
Aug. 1
1. First-in, first-out (FIFO)
2. Average cost
8
14
18
25
28
Inventory on hand-2,000 units; cost $5.30 each.
Purchased 8,000 units for $5.50 each.
Sold 6,000 units for $12.00 each.
Purchased 6,000 units for $5.60 each.
Sold 7,000 units for $11.00 each.
Purchased 4,000 units for $5.80 each.
31 Inventory on hand-7,000 units.
Required:
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 each of the following cost flow
methods:
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