Question

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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-2,300 units; cost $6.40 each. 8 Purchased 11,500 units for $5.80 each. 14 Sold 9,280 units for $12.30 each. 18 Purchased 6,900 units for $5.00 each. 25 Sold 8,280 units for $11.30 each. 28 Purchased 4,300 units for $5.80 each. 31 Inventory on hand-7,600 units. Required: 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: # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory Purchases: August 8 August 18 August 28 Total

Answer 1

Answer

Perpetual FIFO:	Cost of Goods Available for Sale			Cost of Goods Sold - August 14			Cost of Goods Sold - August 25			Inventory Balance
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beg. Inventory	2,300	$6.40	$14,720	2,300	$6.40	$14,720	-	$6.40	$0	-	$6.40	$0
Purchases:
Aug-08	11,500	$5.80	$66,700	6,900	$5.80	$40,020	4,600	$5.80	$26,680	-	$5.80	$0
Aug-18	6,900	$5.00	$34,500		$5.00		3,600	$5.00	$18,000	3,300	$5.00	$16,500
Aug-28	4,300	$5.80	$24,940		$5.80	$0	-	$5.80	$0	4,300	$5.80	$24,940
Total	18,100		$140,860	9,200		$54,740	4,600		$44,680	4,300		$41,440